New Delhi: The number of ultra-high net worth individuals (UHNWIs), with a wealth of USD 30 million or more, is expected to rise 63 per cent over the next five years to 11,198 in India, the second-fastest growth in the world, according to property consultant Knight Frank India report.
As per its Wealth Report 2021, there are currently 5,21,653 UHNWIs globally, of which India has 6,884 such individuals.
According to the report, the number of UHNWIs, those with USD 30 million or more, around the world is predicted to grow by 27 per cent between 2020-25 – taking this population to 6,63,483.
”India is expected to see an incredible growth of 63 per cent by 2025, making it the second-fastest-growing country in terms of the number of UHNWIs. The number of UHNWIs in India is expected to grow by 63 per cent in the next five years to 11,198 in 2025,” Knight Frank India said in a statement.
Mahadayi water row: Goa submits objection to clearance for project reports of dams planned by Karnataka
The billionaires club in India is expected to increase significantly by 43 per cent to 162 by 2025 from the current 113 in 2020. The growth has outpaced the global average growth of 24 per cent and Asia average of 38 per cent during this period.
The report predicts that in the regional context, Asia is likely to see the highest rise in the number of UHNWIs with an estimated growth of 39 per cent. This will be led by Indonesia (67 per cent) and India (63 per cent).
”With the economic operability reaching high levels of its efficiency post the pandemic, India will be striding to make an entry into the USD 5-trillion club in the next few years,” said Shishir Baijal, Chairman & Managing Director, Knight Frank India.
India is expected to further strengthen economically and gain a formidable position as an Asian superpower paving an ecosystem for the rise of new sunrise sectors, he said.
”The new economic opportunities will help bring lucrative wealth creation assets which will add new wealthy individuals in the country,” Baijal said.
Mumbai, Delhi and Bengaluru have a high concentration of wealth with 9,20,375 and 238 UHNWIs, respectively.
According to the respondents of the Wealth Report Attitudes Survey, part of the upcoming Wealth Report 2021, 91 per cent of Indian UHNWIs expect to see an increase in their wealth in 2021.
The expected rapid growth of the ultra-wealthy population in India is much faster compared to the global average of 27 per cent and Asia average of 39 per cent.