Thursday, August 02, 2007 7:37 PM
Bangalore is home to most crowded Rupee-millionaire club
NEW DELHI: Rupee-millionaire club in Bangalore is the most crowded in India.
The IT capital of India has the largest number of households with income of Rs
10-lakh (per year) and above. With 3.3% of the total 31,17,843 households in the
country earning Rs 10 lakh and above, Bangalore ranks No 1 in the list.
A recently released study—Indian Financial Scape, A District Profile
2005-06—by New Delhi-based research firm Indicus Analytics, exclusively
available to ET, stacks the districts with maximum number of millionaire
The study profiles and ranks districts and not cities. So,
the study desegregates a city such as Delhi into its nine districts and Mumbai
city into the districts of Mumbai and Mumbai Suburban, and ranks each of these
individual districts separately.
Bangalore is followed by Mumbai Suburban and Thane, each with 2.3%
share of the 31-lakh odd of the households earning 10-lakh and above across
India. Pune, Ahmedabad, Ernakulam, Ludhiana, Surat, Delhi South West and
Thiruvananthapuram make up the top ten here.
If you take Delhi and
Mumbai cities, the picture looks vastly varied across districts. Take the case
of Delhi. While South West and East Delhi districts have a maximum
concentration—1.23% and 0.89% respectively—of households with income of Rs
10-lakh and above, New Delhi, the hub of political households, has .09%
households in that income group. Sure political power more than makes up for
Curiously in Mumbai, while Suburban district shows a
concentration of 2.3% rupee-millionaire households, Mumbai has a mere 0.85%
households in that bracket.
However, there seems to be little
co-relation between the number of rupee millionaires in the districts and the
latter’s per capita savings habits. Over all, the propensity to save remains
poor for all these districts. For instance, Bangalore ranks a poor No 35 in the
country on per capita savings.
Similarly, Mumbai (Suburban) and Thane —
number two and three in rupee millionaire list — rank 77th and 327th on that
Interestingly, Thiruvananthapuram with just
1.2% share of the country’s millionaire households, does well on per capita
savings (Rs 96,209) showing fifth highest savings rate across the country.
Source: Economic Times, 2nd August, 2007
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