Super Rich In Hyderabad, 2nd Highest!

The pandemic has dealt a blow to the economy across the world but the number of uber rich has increased during the same period.

Hyderabad clinched second position in the list of cities housing most ultra high networth individuals only after Mumbai in the country, according to ‘The Wealth Report 2022’ prepared by Knight Frank.

Being India’s pharma and biotech capital apart from emerging as the IT Hub, Hyderabad was found to be home for 467 UHNWIs in the country while Mumbai tops the list with 1,596 UHNWIs.

The survey by Knight Frank identified individuals with a net worth of $30 million and above as UHNWIs.

Surprisingly, Hyderabad has surpassed key cities like Pune which stood third with 360 UHNWIs and Bengaluru with 352 followed by Kolkata (257), Delhi (210), Chennai (160) and Ahmedabad (121).

The number of uber rich in Hyderabad has been continuously growing from 2016 when it was 314 and 416 in 2020. Further, it is predicted to rise 56% by 2026 taking the number of UHNWIs to 728, according to Knight Frank. The cosmopolitan city is also expected to stay ahead of not only India’s unicorn capital Bengaluru, which is projected to have 665 UHNWIs by that year, but even other major cities in the country.

The report also mentioned that the population of ultra-wealthy in India grew 11% taking the number to 13,637 in 2021 from 12,287 in 2020, the highest percentage growth recorded in Asia Pacific region. From 7,401 UHNWIs in 2016, the number of UHNWIs rose 84% in the last five years and is expected to rise 39% taking the number to 19,000 in the next four years.

India being house to 145 billionaires in 2021 ranks third globally in terms of billionaire population. Also, the country ranks sixth in terms of growth of the super-rich population with over 27% of them being self-made and under 40 years of age.

The number of UHNWIs, across the world, has gone up 9% to 6,10,569 in 2021 from 5,58,828 in 2020. It increased 75% during the last five years from 3,48,355 in 2016. The report also stated that this number is likely to shoot up 28% taking the figure to 7,83,671 by 2026.

Interestingly, the survey also found that about 8% of the property in possession of the ultra rich is based overseas.

So, the Knight Frank report is in tune with Telangana urban development minister K.T. Rama Rao’s claim that Hyderabad is developing.