33 billionaires and counting, Bengaluru witnesses fastest growth of super rich

Agencies
March 8, 2019

Bengaluru, Mar 8: As India's tech hub, Bengaluru has more billionaires and ultra-high net worth individuals (UHNWIs) than 5 years ago, said global property consultancy Knight Frank in its Wealth Report 2019 on Thursday.

"Bengaluru has 33 billionaires in 2018 as against 30 in 2017 and 26 in 2013, registering 10 per cent annual growth and 27 per cent over the last 5 years," said the London-based consultancy in the 13th edition of its annual wealth report.

Similarly, the number of UHNWIs grew 8 per cent to 98 in 2018 from 91 in 2017 and 72 in 2013, registering 36 per cent cumulative growth point average (CGPA).

The list of billionaires include Biocon chairperson Kiran Mazumdar Shaw, Wipro chairperson Azim Premji, Infosys' Narayana Murthy and Shibulal, Sachin Bansal and Binny Bansal, founders of Flipkart, Manipal group CEO Ranjan Pai and former Infosys CEO Nandan Nilekani among others.

Over the next 5 years, Bengaluru will have 40 billionaires and 137 UHNWIs, projecting 22 per cent increase among the former and 40 per cent CGPA among the latter.

"Bengaluru to witness fastest growth of the rich globally by 2023 when it will have 40 billionaires and 137 UHNWIs, projecting 22 per cent CGPA among the former and 40 per cent among the latter since 2018," said the report.

Though as a whole, India will also see 39 per cent growth of UHNWIs by 2023, Mumbai and Delhi are likely to see 38 per cent CGPA growth over the next 5 years.

"Bengaluru is the first amongst the top 5 'cities of the future' along with Hangzhou in China, Stockholm in Sweden, Cambridge in Britain and Boston in the US," said the report.

The report also identifies the world's top cities that support wealth creation, including innovation indicators, wealth forecasts and economic growth that improve a city's growth prospects, such as infrastructure.

"Bengaluru is the first amongst five eye-catching 'cities of the future' based on their economic potential. This growth, backed by its intrinsic potential arising from strong economic fundamentals, will attract investments both from domestic as well as institutional sources," said Knight Frank Chairman Shishir Baijal in a statement.

Termed 'Future Cities' of the world, these cities demonstrate characteristics that will propel wealth creation as well as future property investment.

"Bengaluru is home to global firms such as Infosys, Wipro and Flipkart and over 400 multinationals, including Microsoft, Hitachi and Samsung," said the report.

Bengaluru has made a commitment to create a knowledge economy by investing in education centres, including the Indian Institute of Management (IIM-B), the Indian Institute of Science (IISc) and the National Aerospace Laboratories (NAL). 

"The garden city's broad ecosystem of innovation offers multiple opportunities for growth, reflected in the rise of new age technology firms across sectors, including artificial intelligence, food technology, financial technology and robotics," said the report.

According to Knight Frank Research Head Nicholas Holt, despite a softening momentum in the region's economies, growth prospects in Asia remain favourable in the medium term. 

"While China's economy is expected to slow, emerging markets such as India and the Philippines will deliver some of the strongest growth over the coming years," said Holt.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
July 5,2020

Dubai, Jul 5: Three Indians, who were repatriated on a chartered flight from the UAE on Friday, have been held in the state of Rajasthan after officials seized gold worth Dh2.2million from them, the government announced on Saturday.

They are likely to be placed under arrest along with 11 others, who were repatriated from Saudi Arabia, from whom gold worth Dh5.5million was seized, a statement from the government tweeted by Press Information Bureau in Rajasthan said.

The gold bars were hidden in emergency lamps, photos attached to the tweets showed.

The 14 passengers had arrived at the Jaipur International Airport by two chartered flights.

They were intercepted by the Customs team at the airport and 31.9kg of gold valued at Rs156,759,820 (Dh7.7million) concealed in the baggage was recovered from these passengers.

Three passengers arrived from Ras Al Khaimah by Spice Jet Flight SG9055 and 12 gold bars/bricks weighing 9.3kg valued at Rs.45,761,100 (Dh2.2million) were recovered from them, the statement said.

The Indian Consulate in Dubai confirmed to Gulf News that the flight was chartered by a private company for repatriating its employees.

It is suspected that the passengers were used as carriers to smuggle gold.

The other 11 accused had arrived from Riyadh and 22.65kg of gold bars, predominantly with Suisse markings, valued at Rs110,998,720 (Dh5.5million) were recovered from them.

“The said recovered gold bars have been seized under Section 110 of the Customs Act, 1962. The said passengers are being interrogated and are likely to be placed under arrest in terms of section 104 of the Customs Act, 1962,” the statement added.

Indian media had earlier reported similar cases in which stranded Indians were apparently lured to be carriers for smuggling gold on repatriation flights from various countries.

A spike in gold smuggling attempts using Indians getting repatriated after losing jobs was also reported from the Indian state of Kerala.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
coastaldigest.com news network
February 2,2020

Bantwal, Feb 2: A 45-year-old man was found murdered in a parked Innova car at Shantinagar near Nagri in Sajipa Munnur in Bantwal taluk today. 

The deceased has been identified as Tasleem, a native of Kerala who was wanted in a few criminal cases. He was, according to reports, a member of Kerala's notorious Ziya. 

Tasleem was an accused in Kalia Rafiq murder in Ullal (2017). He was arrested last year in connection with a jewellery store robbery case registered in Mangaluru North police station and was sent to Kalaburagi prison. He was later released on bail. 

Police are of the suspicion that a rival gang might have kidnapped him, tried to strangle him and then stabbed him in the stomach, before fleeing the spot.

The car had been parked at the spot since morning. The locals who grew suspicious at this informed the police. Circle inspector T D Nagaraj and other officers conducted spot investigation. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 3,2020

Bengaluru, May 3: The Commissioner of Health and Family Welfare Services in the government of Karnataka KA Dayanand issued an order approving quarantine of asymptomatic COVID-19 infected international passengers on payment basis at star hotels.

The international passengers in the state have been categorised into A, B and C groups depending on their symptoms and co-morbid conditions. Category A passengers are symptomatic and are being sent to isolation hospitals which may be COVID care centres.

Category B and C passengers are asymptomatic and are being sent to institutional facilities like hostels, guest houses, hotels, etc.

"On the basis of demands by category B and C passengers to provide them star hotel accommodation on a self-payment basis, they have been granted the choice of staying in those hotels at their own cost. The BBMP Special Commissioner/Deputy Commissioner can have a meeting with such hotels and finalise the negotiated rate," Commissioner Dayanand said in the order.

"The hotels for category B passengers should have round the clock presence of health personnel while hotels for category C passengers should be visited by health staff once a day," he added.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.