The category of the super-rich in Kolkata is increasing by leaps and bounds. Between 2004 and 2014, the number of multi-millionaires – those worth $10 million and above – has seen increased by a whopping 171%; a rate higher than that of Asia-Pacific heavyweights like Bangkok (161%), Kuala Lumpur (139%), Singapore (138%), Seoul (83%), Hong Kong (83%) and Tokyo (53%).
Kolkata is now home to 570 people worth over $10 million, as against 210 in 2004. Courtesy of this number, this eastern Indian metropolis is now ranked as the 12th richest city in the Asia-Pacific region. The thumbs-up has come in the 'New World Wealth' annual report on the fastest-growing cities with respect to the number of multi-millionaires, worldwide.
Kolkata in the richie-rich club (TOI)
Kolkata's industrialists welcomed the news though they weren't too surprised by its moving up the fortune ladder. The surge is largely due to the real estate boom in Kolkata over the past decade. According to MK Jalan, chairman of Keventer Group, there has been a multifold increase in real estate prices in the city; also, there were a few good cycles in the stock market, where people made money.
Overall, India has more multi-millionaires (14,800) than Russia (11,700), Brazil (10,300), Canada (9,800), France (8,200), Singapore (6,600) and Australia (6,100). Predictably, USA has the world's highest number of multi-millionaires (183,500), followed by China (26,600), Germany (25,400) and the UK (21,700).