Mumbai ranks as world's 12th most wealthy city

Seems the ubiquitous line marking the rich-poor divide in India continues to widen with the rich getting richer by the day than in any other country.

The Wealth Report launched globally Wednesday by Knight Frank, a property consultant, ranked Mumbai as world's 12th most wealthy city, up from the 18th spot in 2017. London is at number spot reclaiming the position from New York despite Brexit concerns.

The report also said that India tops the list when it comes to increase in its billionaire population clocking 116% growth percentage. The country also leads with a rise in the number of ultra high net worth individuals (UHNWI) globally.

Also Read: India leads global growth of ultra high net worth individuals: Knight Frank

The total number of billionaires in India has increased from 55 in 2013 to 119 in 2018, while the millionaires have also gone up from 251,000 in 2013 to 326,052 in 2018.

The report also predicts the number of billionaires from Asia to rise by 27 per cent, outstripping North America and Europe in four years.

According to the report, out of the estimated 1,947 UHNWIs in India at present, Mumbai is home to 797 of them, Delhi has 211 and Bengaluru follows with 98. Meanwhile, out of the 119 billionaires, Bengaluru leads with 33, Mumbai 19 and Delhi with 8, rest of the population is strewn across India and abroad.

Also Read: India Inc's average salary increment pegged at 9.7% in 2019: survey

UHNWIs or ultramillionaires are individuals with an investible surplus of Rs 225 crore, whereas, millionaires are persons with an investible surplus of Rs 7.2 crore, and billionaires are those with an investible surplus of Rs 7,200 crore.

While Mumbai overshadows other cities in India in terms of the country's millionaires and ultramillionaires, Bengaluru is where the country's richie rich are concentrated at, with their number at 33.