Mumbai, the country’s hottest property market, now ranks 16th among the top 20 costliest cities in the world.
A budget of $1 million can help you buy little less than 1,000 sq ft in few coveted localities of the country’s commercial capital. With that amount, one can buy 237 sq ft space in Hong Kong, which ranks second in the tally, showed by Knight Frank’s annual wealth report.
A year ago, Mumbai property market ranked 15th in this list with $1 million fetching 1,065 sq ft space, Economic Times reported.
The rise in Indian financial capital’s ranking on this count is supported by the rapid wealth creation in the country. India is expected to be the third largest contributor in Asia with respect to wealthy population after China and Japan by 2022.
Mumbai itself ranks 47th on the Knight Frank City Wealth Index among 314 global cities. The index is drawn from four major indicators such as wealth, investments, lifestyle and future.
Mumbai and Delhi would be among the top 10 markets to witness the highest addition in households earning more than $250,000 annually between 2017 and 2022.
In terms of wealth alone (where in the index measures the number of the Ultra High Net Worth Individuals, High Net Worth Individuals (HNWIs) and rate of wealth generation in a city), Mumbai ranks in the top 20 with Delhi at 22nd and Bengaluru at 26th positions respectively.
The report said India’s wealthy population in the prime $5 million-plus category rose to 47,720 individuals between 2016 and 2017 recording 21% growth. This is more than double the global average of 9% and one and half times the Asia average of 14%.
Even in terms of projections, this segment in India is expected to increase by staggering 71% between 2017 and 2022, again well above the Asia’s 61% and the global average of 43%.