(This story originally appeared in on Mar 02, 2017)

It’s common knowledge that Pune has been an integral part of the Ultra High Net Worth Individuals (UHNWI) club for a while now, but a recent study has pointed out that the are growing at the fastest pace across India. The 11th edition of The Wealth Report, which was made public on Wednesday, stated that in one year, Pune saw an 18 per cent rise in UHNWIs — the highest in the country. Not stopping at that, the number of those who are worth $30 million in the city is expected to grow at 170 per cent over the next decade — the highest across the world.The report brought out by Knight Frank, a global property consultancy, tracked the growing super-rich population in 125 cities across 89 countries. The data was compiled on the basis of responses from around 900 of the world’s leading private bankers and wealth advisors. The report has revealed that Pune this year has 140 UHNWIs, up 18 per cent from last year, and the number will continue to grow over the decade. Experts attributed this growth to multipronged development of the city and several sectors booming all at the same time.Dr Samantak Das, chief economist and national director (research) of Knight Frank, explained that Pune has gradually moved from merely being a manufacturing hub to a technology hub. “Cheaper real estate, fastpaced growth of infrastructure, a booming technology industry and proximity to Mumbai are largely responsible for 18 per cent growth in the number of UHNWIs in Pune.Moreover, wealthy Indians are more comfortable staying in Pune and commuting to Mumbai as and when required,” said Das. He added that the list of wealthy in the city is not just restricted to industrialists but is a mix of people from across all sectors. Adar Poonawalla , chief executive officer (CEO) and executive director of Serum Institute of India, believes that growing infrastructure in the city and booming industries are responsible for the growth of wealthy in the city. He explained that multiple industries are thriving in the city – real estate, jewellery and manufacturing, among others. “The city offers a lot of opportunities for people to grow. The number of people coming to the city is also growing. Also, for any business to thrive, the city has to be livable and Pune certainly is. I believe in the next three to four years, Pune will be among top five cities in the country,” he said.Similarly Satish Magar, vice-president, CREDAI India, too believes that multilayered growth of the sectors and city has led to this change. “Manufacturing, agriculture, core engineering, education, IT, among others, are all major sectors which are growing in Pune. We have a great talent pool, the environment is good, and proximity to Mumbai only makes it better. It’s a middle-class city with an aspiration for high growth,” said Magar.While the report did not give out specific names of people who have added to the list in Pune, it underlined that this year saw the addition of 21 people. Interestingly in India, around 500 people get added to the list of UHNWIs every year. In the years to come this is expected to go up to 1,000 a year, details the Knight Frank report.Mumbai, at 21st place in the city wealth index , is ahead of Toronto, Washington DC and Moscow, while Delhi at 35 is ahead of Bangkok, Seattle, Jakarta. The country has witnessed a 12 per cent increase of UHNWIs between 2015 and 2016 and is expected to grow at 150 per cent over the next decade.Globally, the year saw 6,340 people being added to the list of those with US$30 million or more in net assets. The total ultra-wealthy population stands at 1,93,490, according to data prepared for The Wealth Report. Some 60 people saw their wealth move past the US$1billion mark, taking the total number of billionaires to 2,024 — which translates into an increase of 45 per cent in the past decade.The report stated that countries like Europe, Africa and Latin America saw their ultra-wealthy populations decline in 2016. In Europe, some 1,470 people saw their wealth slip below the $30 million threshold, equivalent to a three per cent annual fall, although the strength of the dollar may have had an impact as all of New World Wealth’s data is calculated in dollar terms. Africa and Latin America both saw two per cent declines in their UHNWI populations in 2016.A city has to be livable for any business to thrive. Pune is that city. I believe in the next three to four years, Pune will be among the top five in the country– Adar Poonawalla, CEO and ED, Serum Institute of IndiaWe have a great talent pool, the environment is good, and proximity to Mumbai only makes it better. It’s a middle-class city with an aspiration for high growth– Satish Magar, Vice President, CREDAI