Reply With QuoteGreat stuff, thanks again Brian! Your hard work and posts are very much appreciated.
Just found this story whilst surfing the Web.
Brian
BANGALORE: Bangaloreans are getting seriously rich, millionaires by the dollar yardstick. The city is the thirdlargest hub for high-networth individuals (HNIs), after Mumbai and Delhi.
Bangalore is home to over 10,000 individual dollar millionaires and 60,000 super-rich people with an investable surplus of Rs 4.5 crore and Rs 50 lakh, respectively. They include professionals, entrepreneurs, consultants, US-returned Indians and expats.
According to a study conducted by American Express, there are 83,000 HNIs and 711,000 super-rich people in India. While Mumbai and Delhi account for a bulk of this number, Bangalore, Chennai and Kolkata had shared the third position until recently. Bangalore's share in the mutual fund market in an index of its wealth.
In March 2006, the city has seen MF investments worth Rs 22,000 crore against Rs 8,000 crore in June 2004. Also, in 2006, its invested individual wealth ? across all forms of financial instruments like stocks, shares, securities, debentures, mutual funds ? was $25 billion, as compared to $200 billion in Mumbai and $50 billion in Delhi.
Some key drivers of this wealth are many rich Indians moving back to Bangalore from abroad, high-value entrepreneurs and professionals with ESOPs and other options. "India is the fastest growing wealth base in Asia Pacific and here, too, Bangalore is growing faster than the industry average of 35%," said Vishal Kapoor, head & senior director (financial advisory services), American Express India.
The HNI base is growing at 19.2% in the country and Bangalore records a greater momentum. To tap this wealth, American Express is hosting an exclusive dinner and Elvis Presley music ? Heartbreak Hotel ? for around 300 select superrich couples in the city. On show will be items from the personal collection of Presley's family.
Great stuff, thanks again Brian! Your hard work and posts are very much appreciated.
Thanks for posting this info.
elvislady
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