Wealthy Indians prefer their second home in a first world country
The high net worth individuals in India prefer to buy their second homes in leading global financial centres, including London, New York and Singapore. This data was published by a report by New World Wealth.
According to the data published by this report, the bulk of London’s second home buyers come from the rest of the UK and Europe and a substantial number also came from China, India, Russia and the Middle East. Similarly, major second home buyers in Singapore are from India, Malaysia, the Philippines and Vietnam.
This seems to be good news for India Inc. that our multi-millionaires are creating a positive name in the world real estate market. However if these HNWIs would have invested in India, then the revenue would have gone to the Indian government’s treasury. As many as 22,300 multi-millionaires own a second home in London. This is in addition to the 9,700 resident multi-millionaires already living there.
The report explained that during the peak holiday months, London can be home to up to 32,000 Indian multi-millionaires in total.
After London, New York City is in at the second spot with 17,400 multi-millionaires owing a second home there, followed by Hong Kong (14,800), Singapore (11,200) and Dubai (8,200).
Source- The Financial Express
