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Increase In The Number of Billionaires, Led By Bengaluru

Increase In The Number of Billionaires, Led By Bengaluru

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  8 March 2019 3:11 AM GMT

BENGALURU: As India’s tech hub, Bengaluru has more billionaires and ultra-high net worth individuals (UHNWIs) than 5 years ago, said global property consultancy Knight Frank in its Wealth Report 2019 on Thursday. “Bengaluru has 33 billionaires in 2018 as against 30 in 2017 and 26 in 2013, registering 10 per cent annual growth and 27 per cent over the last 5 years,” said the London-based consultancy in the 13th edition of its annual wealth report.

Similarly, the number of UHNWIs grew 8 per cent to 98 in 2018 from 91 in 2017 and 72 in 2013, registering 36 per cent cumulative growth point average (CGPA). Over the next 5 years, Bengaluru will have 40 billionaires and 137 UHNWIs, projecting 22 per cent increase among the former and 40 per cent CGPA among the latter. “Bengaluru to witness the fastest growth of the rich globally by 2023 when it will have 40 billionaires and 137 UHNWIs, projecting 22 per cent CGPA among the former and 40 per cent among the latter since 2018,” said the report. “Bengaluru is the first amongst the top 5 ‘cities of the future’ along with Hangzhou in China, Stockholm in Sweden, Cambridge in Britain and Boston in the US,” said the report. “Bengaluru is the first amongst five eye-catching ‘cities of the future’ based on their economic potential. This growth, backed by its intrinsic potential arising from strong economic fundamentals, will attract investments both from domestic as well as institutional sources,” said Knight Frank Chairman Shishir Baijal in a statement. “Bengaluru is home to global firms such as Infosys, Wipro and Flipkart and over 400 multinationals, including Microsoft, Hitachi and Samsung,” said the report. (IANS)

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