India's Wealth Would Grow 200% By 2027, Report Says
The Global Wealth Migration Review says India grew strongly over the past one year, a 25 per cent growth in wealth creation. From $6,584 billion in 2016 to $8,230 billion in 2017. If you take a look at the last 10 years, the jump is huge. In 2007, India’s wealth amounted to $3,150 billion. Between then and now, the growth has touched 160 per cent. If you go by the 10-year forecast, the growth would be 200 per cent.
Cities to look out for
As of now, in Asia, India is the third largest wealth market following China and Japan. The report also says that Bengaluru, Delhi, Hyderabad, Kolkata, Mumbai and Pune are among the top 10 cities to look out for. The forecast also suggests that a large number of entrepreneurs, good educational system and the English speaking crowd will grow. Besides, there is a reason to believe that local financial services, IT, business process outsourcing, real estate, healthcare and media sectors will thrive.
In India, there are 20,730 multi-millionaires — seventh highest in the world. While as a country we feature in the top ten, none of the Indian cities is on such a list. India is also home to 119 billionaires and is third highest in this regard. the United States and China are the top two.
Their luxury residence picks
You may opt for a five-star accommodation when you go out for work or vacation but the rich buy them! A new trend quite in line with the New York phenomenon is now catching up in other major cities. Hotel residences can now be purchased and the staff ensures that you continue to have access to all the comforts and services that are provided to guests in the hotel. Mandarin Oriental Residences (One Hyde Park) - London, The Plaza Pied-a-terre - New York, St Regis Residences - New York, Four Seasons Private Residences Seychelles, Ten Trinity Square - London, Baccarat Residences - New York, and Palazzo Tornabuoni – Florence are some of the common names when it comes to hotel residences.
Not just any big home, the uber-rich usually pick large residential estates such as golf estates — a trend that is catching up everywhere. Portugal, Spain, South Africa, USA, UAE, New Zealand, Mauritius, Mexico and the UK are areas where a large number of such big homes are. Equestrian estates, parkland estates, wildlife estates and retirement estates are other notable choices.
Art and vintage cars
By the end of 2017, global high net-worth Indians (HNIs) held $75 billion-worth of fine art. As for vintage cars, $5 billion worth of these classic cars belonged to global HNIs.
Monaco, New York, London, St Tropez, St Jean Cap Ferrat, Hong Kong, Geneva, Sydney, Lake Como, Porto Servo are among the costliest property markets. India is not in the Top 20 list.
Women safety index
The HNIs are looking out for the safest cities to call them home. Compared to others, Australia, Malta, Iceland, New Zealand, Canada, Poland, Monaco, Israel, USA and South Korea are among the safest countries in the world. Indian HNIs are also seen opting to go out of the country. While the reason may not be largely safety-centric, this sure is a strong factor too. “Notably, woman safety is one of the best ways to gauge a country’s long-term wealth growth potential, with a correlation of 92 per cent between historic wealth growth and woman safety levels. This means that wealth growth is boosted by strong levels of woman safety in a country,” the report states.