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2nd home in London, NY: Latest fad among wealthy Indians

Source: PTI
September 09, 2014 18:30 IST
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New York skyline

New York skyline. Photograph: Courtesy, Wikipedia Commons

India's multi-millionaires prefer to buy their second homes in leading global financial centres, including London, New York and Singapore, says a report.

According to a report by New World Wealth, 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 West Asia.

A large number of New York's second home buyers also come from the UK, Europe, China, Russia, Brazil and India.

Similarly, major second home buyers in Singapore are from India, Malaysia, the Philippines and Vietnam.

As many as 22,300 multi-millionaires own a second home in London.

This is in addition to the 9,700 resident multi-millionaires living there.

"This means that during peak holiday months, London can be home to up to 32,000 multi-millionaires in total," the report said.

After London, New York City is in second place with 17,400 multi millionaires owing a second home there, followed by Hong Kong (14,800), Singapore (11,200) and Dubai (8,200).

London skyline

London skyline. Photograph: Reuters

According to the report, there are currently just over 13 million dollar millionaires in the world (as of June 2014) and round 495,000 of these individuals can be classified as multi-millionaires.

The study defines a millionaire (or HNWI) is an individual with net assets of $1 million or more, whilst a multi-millionaire is an individual with net assets of at least $10 million.

Other notable hotspots with 1,000 or more multi -millionaires with second homes include Las Vegas (USA), Lake Como (Italy), Aspen (USA), Pebble Beach, Monterey (USA), San Diego (USA), Cannes (France) and St Tropez (France).

Meanwhile, the top 30 cities in the world for resident multi-millionaires is topped by Hong Kong (15,400) followed by New York City (14,300) and London (9,700) respectively.

Mumbai is the only city on the list which was ranked in the 24th position and is home to 2,700 multi-millionaires.

This study is based on a sample of 4,500 global multi-millionaires that have second homes.

It has gathered this information by tracking major residential prime property purchases over the past 10 years.

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