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India has highest number of women millionaires

Mumbai, Sep 14 (): India is home to the highest number of women millionaires in the world.

The Super Rich club grew the most in India among Brazil, Russia, India, China and South Africa (BRICS) despite economic gloom. In one year, it added 7850 to Ultra-High Net Worth Individual (UHNW) club.

The report takes into account assets, properties, investments, cash, aircrafts, artifacts, properties owned and stocks in companies and bonds. In India, women millionaires number 1250 whose net worth is $95 billion.

The report from Wealth X considered only those who are worth $30 million or more. The super-rich in India totally account for $935 billion. This increase took place in 2012. The majority of the super- rich are those whose fortunes are ranging from $30 billion to $50 billion. They are totally worth $130 billion.

The super-rich in India are living in ten cities which include the four metros and Bangalore, Hyderabad, Pune, Gurgaon, Ahmedabad and Jaipur.

Mumbai and Delhi are home  to more than 50 per cent of the India’s rich. The world has 2170 billionaires worth $6.5 trillion which is 23% of the super-rich wealthy.

On the global front, the world’s rich population in the past 12 months reached an all-time high of 1,99,235 individuals with a combined wealth of $ 27.8 trillion. Of these, 175730 were men and women were 23505.

India’s decision to tax the super-rich extra was not liked by many. Tax planners say that these categories will plan their incomes so that there is tax evasion and this sudden tax law change would trigger many to shift base to tax havens.

India’s budget presented by Chidambaram proposed this tax which economists say is only a political statement and is going to add not much to the exchequer as this club knows to dodge the tax and can be counter-productive as they might take citizenship in tax havens.

In India, the most prominent drop-out from the billionaire club was Vijay Mallya the owner of UB-Kingfisher Airlines and Mangalore Fertilisers.