2/29/12 Bangalore third richest city in country - The Times of India

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BunguIore LIIrd rIcIesL cILy In counLry

Mini Joseph Tejaswi, TNN Apr 1, 2007, 11.15PM IST

BANGALORE: Bangaloreans are getting seriously rich, millionaires
by the dollar yardstick. The city is the third-largest hub for high-
networth individuals (HNIs), after Mumbai and Delhi.
Bangalore is home to over 10,000 individual dollar millionaires and
around 60,000 super-rich people who have an investable surplus of Rs 4.5 crore and Rs 50 lakh
respectively.
In this Richie-Rich class are professionals, retirees, entrepreneurs, consultants, US-returned Indians and
expats.
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According to a study conducted by American Express, there are 83,000 HNIs and 7 ,11,000 super-rich
people in India and the latter figure is expected to cross a million by 2009.
While Mumbai and Delhi account for the bulk of this number, Bangalore, Chennai and Kolkata had shared
the third position until recently.
Bangalore's share in the mutual fund market is an index of its wealth. In March 2006, the city has seen
mutual fund 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, etc - was $25 billion, as compared to $200 billion in Mumbai and
$50 billion in Delhi.
Some of the key drivers of this wealth are a large number of rich Indians moving back to Bangalore from
abroad, the city incubating dozens of high-value entrepreneurs and companies creating wealth for
professionals by way of 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 super-rich couples in the city.
Amex has also brought in a wide range of highly-protected items from the personal collection of Presley's
family.
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2/29/12 Bangalore third richest city in country - The Times of India

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These include his records, costumes, letters, manual jottings that later became popular numbers and
albums, his social security card, condolence wires sent by eminent personalities from around the world
and tickets to his maiden concert.
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dev (australia)
02 Apr, 2007 04:58 AM
Bangalore always had it. I am very glad to hear about Bangalore becoming rich. It
has the potential to become a global city. I hope some people can see this
potential. I went to college in Bangalore. And it was fun. Not just the climate but an
easygoing lifestyle. It was also the first place to get private engineering colleges
moving and welcoming students from all over india. It deserves all the very best.
For decades, it has been a beacon for what an indian city should be. It is sad to
see that though Bangalore has done well, its model and attitude has not been
transplanted around india.I think major indian cities and towns should have a
mini-bangalore area in them.
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