India's multi-millionaires prefer owning a second home in NY, London

New Delhi: 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 the Middle East.

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).

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).

PTI