Bangalore’s super rich can’t help falling in love with money
BANGALORE: Is it any wonder that national tourism organisations are rubbing their hands together in anticipation of a tourism bonanza from India?
Reasons for optimism are not hard to find, most especially in Tech City Bangalore.
The city is the third-largest hub for high-networth individuals (HNIs), after Mumbai and Delhi.
Bangalore is home to over 10,000 individual dollar millionaires and around 60,000 super-rich people.
According to a study conducted by American Express, there are 83,000 HNIs and 711,000 super-rich people in India and the latter figure is expected to cross a million by 2009.
Some of the key drivers of this wealth are a large number of rich Indians moving back to Bangalore from abroad to be part of a city that incubates dozens of high-value entrepreneurs, and rewards young professionals with shares and other options.
“India is the fastest growing wealth base in Asia Pacific and here too, Bangalore is growing faster than the industry average of 35 per cent,” said Vishal Kapoor, a senior director of American Express India.
To tap this wealth, American Express is hosting an exclusive Elvis Presley Heartbreak Hotel dinner for around 300 select super-rich couples in the city.
Amex has also brought in a wide range of items from the personal collection of Presley’s family. These include his social security card, something that Bangalore’s super-rich are unlikely to need.
Ian Jarrett
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