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.
News Network
October 7,2024

Screenshot_20241007-115926_Chrome.jpg

Mangaluru, Oct 7: In a heartbreaking turn of events, the search for Mumtaz Ali, chairman of Misbah Group of Educational Institutions, ended with the discovery of his mortal remains in the Phalguni river near Kulur. The somber discovery came after an exhaustive search, leaving a community in shock and sorrow.

He is the younger brother of former MLA Mohuiddin Bawa and former MLC B M Farookh. 

The incident has taken a deeply distressing turn with the filing of an FIR against six individuals, including a woman, who are accused of pushing Ali to a tragic end. 

The accused allegedly blackmailed Ali, fabricating a story about his involvement in an illicit relationship with the woman. Reports suggest that they extorted Rs 50 lakh from Ali and were unrelenting, demanding an additional Rs 50 lakh from him, casting a shadow over his final days.

The complaint, lodged by Ali’s grieving brother, accuses these individuals of driving him to despair through relentless blackmail and false accusations, ultimately leading him to take the tragic step.

In the early hours of Sunday, Ali left his home at 3 am, heading towards Suratkal, perhaps seeking some solace. A minor accident occurred when his car collided with a private bus near MCF. Despite the mishap, he offered a heartfelt apology to the bus driver and conductor—a gesture that now echoes with the pain of his unspoken struggles. After the collision, Ali made a U-turn near Panambur circle, driving back towards Kulur bridge, where his journey came to a sorrowful end.

Ali’s last moments hold an even deeper sadness, as he left behind a voice message in Byari, naming an individual who had been tormenting him mentally. Sent to his daughter and a close friend, the message revealed the unbearable burden he was carrying, hinting at his final decision to end his suffering.

This tragic loss has left the community and his loved ones grappling with unanswered questions and a profound sense of grief. As the investigation unfolds, the memory of Mumtaz Ali lingers, a reminder of the silent battles that too often go unseen.

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
October 3,2024

brahmingundurao.jpg

Karnataka Health Minister Dinesh Gundu Rao reminded that V D Savarkar was not against cow slaughter as he himself was non-veg eater, PTI reported on Thursday.

"As a Brahmin he was eating meat, and he was openly propagating eating meat," said the minister at an event in Bengaluru.

Reacting to Gundu Rao's claim, BJP MP Anurag Thakur called Congress a "factory of lies" as he warned that India won't tolerate any disrespect towards Savarkar.

"By disrespecting Veer Savarkar they have shown that they don't respect freedom fighters. During the Congress government, Sardar Bhagat Singh was termed a separatist in textbooks...By making those who want to break the nation join the congress party, Rahul Gandhi is taking forward the ideology of 'tukde tukde' and he is a 'modern Jinnah' who speaks ill of the country abroad...," he said.

Meanwhile, a court in Maharashtra's Nashik district summoned Congress MP Rahul Gandhi earlier this week in a defamation case filed against him for his alleged objectionable remarks against the Hindutva ideologue.

The complainant, who is the director of an NGO, claimed he watched a press conference addressed by Gandhi in Hingoli and also a speech made by the Congress leader in November 2022.

He alleged that Gandhi, on the two occasions, by his words and visual representations knowingly harmed the reputation of Veer Savarkar and also tried to defame the latter's image in the society.

According to the complainant, Gandhi said "Savarkar is BJP and RSS jin" which was defamatory in nature.

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
October 7,2024

modimuizzu.jpg

New Delhi: Seeking to strengthen bilateral ties, India and the Maldives on Monday inked a currency swap agreement to the tune of $400 million, a move that would help the archipelago nation overcome foreign exchange reserve issues.

Prime Minister Narendra Modi and visiting Maldivian President Mohamed Muizzu also launched Rupay card in the Maldives, inaugurated the new runway at the Hanimadhoo International airport and agreed to further strengthen bilateral relations that had hit a rocky patch last year.

Muizzu, who is on a four-day state visit, held talks with Prime Minister Modi at the Hyderabad House here.

After the talks, India also handed over 700 social housing units to the Maldives built under the EXIM Bank’s buyer’s credit facilities.

"Today, we have inaugurated the redeveloped Hanimaadhoo Airport. Now, the Greater Male Connectivity Project will also be expedited. We will also support the development of a new commercial port in Thilafushi," Modi told reporters here with Muizzu by his side.

Modi said India and Maldives have decided to initiate discussion on the Free Trade Agreement to further strengthen economic ties.

The prime minister described Maldives as a "close friend" which had an important position in India's neighbourhood policy and SAGAR vision.

"India has always fulfilled the responsibilities of a neighbour. Today, we have taken up the vision of a comprehensive economic and maritime security partnership to give our mutual cooperation a strategic direction," Modi said.

Earlier, Muizzu was accorded a ceremonial welcome at the Rashtrapati Bhawan by President Droupadi Murmu. Prime Minister Modi was also present on the occasion.

Muizzu was given a tri-services guard of honour before he drove down the Rajghat to offer his respects at the memorial to Mahatma Gandhi.

The ties between India and the Maldives came under severe strain since Muizzu, known for his pro-China leanings, took charge of the top office in November.

Muizzu won the presidential election last year on the 'India out' campaign and asked New Delhi to withdraw its military personnel posted in the archipelago nation by May this year.

The bilateral ties also hit a rocky patch when Maldivian ministers were critical of Modi. However, Muizzu has since toned down his anti-India stance and even sacked ministers who were critical of the Indian prime minister.

As the Maldives was grappling with a serious economic downturn, India has decided to extend vital budgetary support to the Maldives government with the rollover of a $50 million Treasury Bill for another year.

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.