Super-rich Indians Prefer Second Home In Leading Global Financial Centres

Read full story
While a man belonging to a lower-middle-class family continues to wonder when he will be able to buy a modest home on his own, India's super-rich buy luxurious villas in prime cities across the globe. As per a report by New World Wealth, the country's multi-millionaires prefer to purchase their second homes in leading global financial centres such as London, New York and Singapore.

Other than super-rich Indians, millionaires of China, Russia, Middle East and Europe have also build their second homes in global financial centres. The New World Wealth report brings forth some interesting facts like: a substantial number of London's second home buyer come from China, India, Russia and the Middle East; New York’s second home buyer come from the UK, Europe, China, Russia, Brazil and India; and major second home buyers in Singapore are from India, Malaysia, Philippines and Vietnam.

London is the favourite destination as the second home to the affluent people across the globe. As many as 22,300 multi-millionaires own a second home in London; this is in addition to the 9,700 resident multi-millionaires living there. "This means that during peak holiday months, London can be home to up to 32,000 multi-millionaires in total," the report added.

After London, New York City is in at the second spot with 17,400 multi-millionaires owing a second home there, followed by Hong Kong (14,800), Singapore (11,200) and Dubai (8,200).

The reports further reveal that there are currently just over 13 million dollar millionaires in the world (as of June 2014) of which around 4,95,000 individuals can be called as multi-millionaires. It defines a millionaire (or HNWI) as an individual with net assets of $1 million or more, whilst a multi-millionaire is an individual with net assets of at least $10 million.

It is worth mentioning that among the list of 30 cities in the world for resident multi-millionaires, Hong Kong bags a top spot (15,400), New York City ranks second (14,300) and London stand at a third position (9,700).

Across India, Mumbai is the only city on the list which is ranked 24th and is home to 2,700 multi-millionaires.

This study is based on information gathered by tracking major residential prime property purchases over the past 10 years.

Add Comment()

Comments ()

Sort By:
Be the first one to comment.
We have sent you a verification email. This comment will be published once verification is done.