It was called the Pensioners' Paradise ten years back. But today, Bangalore has grown ten-fold and a study reveals that the rupee millionaire club in Bangalore is the most crowded in India and has the largest number of households with an annual income of Rs 10 lakh (Rs 1 million) or more.
The study -- Indian financial scape: A district profile 2005-06 -- by New Delhi-based research firm Indicus Analytics, says that there are 31,17,843 households in the country earning Rs 10 lakh or more. Of these, 3.3 per cent line in Bangalore city alone.
The study conducted by Indicus Analytics states that Bangalore is followed by Mumbai (Suburban) and Thane, each with a 2.3% share of the approximately 3.1 million of the households earning Rs 10 lakh and more across India.
Pune, Ahmedabad, Ernakulam, Ludhiana, Surat, Delhi and Thiruvananthapuram make up the top ten cities in India with most rupee-millionaires.
Text: Vicky Nanjappa in Bangalore
Indian workers walk through a new housing development the Palm Meadows Villas Complex in Bangalore. Flush with money Indian technology professionals in the high-tech Bangalore city are buying costly villas, condominiums and penthouses.
Photograph: Dibyangshu Sarkar/AFP/Getty Images