Hyderabad's millionaire population on the rise
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Hyderabad: Despite the rupee weakening against the dollar, and the general economic slowdown, Hyderabad’s millionaire population continues to increase.According to a survey, the city stands fifth in the ultra high net worth (UNHW) population in the country, with 540 millionaires. It was one of the seven top cities in the country, according to the worldwide survey carried out by research firm Wealth X and financial services company UBS.On the other hand the number of ultra high net worth (UHNW) individuals in the country went up by 120 in last 12 months taking their total numbers to 7,850. These Indian UHNW together hold wealth of $ 935 billion.Also at 16 per cent, India has the highest UHNW female proportion of total UHNW population of any of the focus countries featured in the report. India has over 1,250 UHNW women with a combined fortune of $95 billion.Wealth-X defines ultra-high networth individual those with assets of $30 million and above. However, the number of billionaires with wealth of over $1 billion declined to 103 as compared to 109 in 2012. “Billionaires were the weakest performing wealth tier in India in the last 12 months,” said the report. On the positive side the Indian super-rich also believe in donating their wealth.“Over the past three years, Indian UHNW individuals were the most generous major donors among all focus countries, donating 10.6 per cent of their net worth on an average,” said the report.Hyderabad has seven per cent of the total UHNW population of the country, and stands fifth. It’s behind only mega cities Mumbai, Delhi, Bengaluru and Kolkata, but has pipped Chennai by a huge margin. How-ever, the city has one of the lowest growth rates of UHNW population, at just 0.9 per cent.The report said that India struggled as it confronted economic issues related to higher food costs, a weak rupee and high public debt. The end of 2012 saw India’s inflation rate drop from 7.24 per cent to 7.18 per cent.
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