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Bagae hid iche ci i c Mini Joseph Tejaswi, TNN Apr 1 , 2007, 11.15 PM IST

BANGALORE: Bangaloreans ar e getting serio usly rich, millionaires

by the dollar yardstick. The city is the third-largest hub for high-

networ th individu als (HNIs), after Mumbai and Delhi.

Bangalore is home to o ver 10 ,000 individual dollar millionaires and

around 60,000 super-rich people who have an investable surplus of Rs 4.5 crore and

respectively.

In this Richie-Rich class are professionals, retirees, entrepreneurs, consultants, US-rexpats.

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Acco rding to a study c onducted by A merican Express, there are 83,000 HNIs and 7 ,

people in India and the latter figure is expected to cross a million by 2009.

While Mumbai and Delhi acco unt for t he bulk of this numbe r, Bangalore, Chennai and

the third position until recently.

Bangalore's share in the mutual fund market is an index of its wealth. In March 20 06,

mutual fund investments worth Rs 22,000 crore against Rs 8,000 crore in June 2004

Also, in 2006, its invested individual wealth - across all forms of financial instrument

securities, debentures, mutual funds, etc - was $25 billion, as compared to $200 billi

$50 billion in Delhi.

Some of the key driv ers of this wealth are a large number o f rich Indians moving back

abroad, the city incubating dozens of high-value entrepreneurs and co mpanies creati

professionals by way of ESOPs and other opt ions.

"India is the fastest grow ing wealth base in Asia Pacific and her e too , Bangalore is gro

industry average of 35%," said Vishal Kapoor, head & senior director (financial adviso

American Express India. The HNI base is growing at 19.2% in the country and Bangal

greater momentum.

To tap this wealth, American Express is hosting an exclusive dinner and Elvis Presley

Hotel - for around 300 select super-rich co uples in the city .

Amex has also bro ught in a wide range of highly-protected items from the personal co

family.

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These include his reco rds, costumes, letters, manual jottings that later became popul

albums, his social security c ard, condolence wires sent by eminent personalities from

and tickets to his maiden concert.

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dev (australia)

02 Apr, 2007 04:58 AM

Bangalore always had it. I am very glad to hear about Bangalore becoming rich. It

has the potential to become a global city. I hope some people can see this

potential. I went to college in Bangalore. And it was fun. Not just the climate but an

easygoing lifestyle. It was also the first place to get private engineering colleges

moving and welcoming s tudents from all over india. It deserves all the very best.For decades, it has been a beacon for what an indian city should be. It is sad to

see that though Bangalore has done well, its m odel and attitude has not been

transplanted around india.I think major indian cities and towns should have a

mini-bangalore area in them.

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