The number of UHNWIs in India grew from 12,287 in 2021 to 13,637 in 2021.
New Delhi:
According to Knight Frank, the number of very high net worth individuals, with net worth of $30 million (about Rs 226 crore) or more, in India increased 11 percent last year thanks to buoyant stock markets and the digital revolution. †
India also ranked third in the number of billionaires worldwide in 2021. The US is number one with 748 billionaires, followed by mainland China with 554 billionaires and India with 145 billionaires.
In the latest edition of The Wealth Report 2022, real estate advisor Knight Frank said the number of ultra-high-net-worth individuals (UHNWIs) worldwide increased by 9.3 percent in 2021 to 6,10,569, from 5,58,828 in the previous year.
“In India, the number of UHNWIs (net assets at $30 million or more) grew 11 percent yoy (year-over-year) in 2021, the highest percentage growth in APAC,” Knight Frank said in a statement.
The number of UHNWIs in India grew from 12,287 in 2021 to 13,637 in 2021.
Of the major Indian cities, Bengaluru witnessed the greatest growth in the number of UHNWIs at 17.1 percent to 352, followed by Delhi (12.4 percent, 210) and Mumbai (9 percent, 1596).
The consultant estimates that the number of UHNWIs will grow by 39 percent in 2026 from 13,637 in 2021 to 19,006. In 2016, the number of UHNWIs was 7,401.
Shishir Baijal, Chairman and Chief Executive Officer of Knight Frank India, said: “Stock markets and digital adoption have been key drivers of the growth of UHNWIs in India. The growth of younger, homemade UHNWIs in India has been incredible and we expect them to open up new investment themes. and innovation.” With a healthy growth in the UHNWI population and billionaires, he said India is expected to be one of the fastest growing countries among its global peers, further strengthening itself economically and emerging as a superpower in various sectors.
According to the report, about 69 percent of India’s super-wealthy are expected to see an increase of more than 10 percent in their wealth by 2022.
“Asia remains at the forefront of the billionaires club, contributing 36 percent of the total number of billionaires in the world by 2021. India will be the third largest billionaire population by 2021, after the US and China,” the statement said.
For the first time, Knight Frank has surveyed the size of the world’s ‘next generation’ UHNWI population and assessed what that could mean for real estate markets.
Globally, it is estimated that 135,192 UHNWIs are homemade and are under the age of 40, accounting for about a fifth of the total UHNWI population. India ranks 6th in percentage growth in the UHNWI population that is homemade and under the age of 40 year,” it said.
Over the next five years, Knight Frank predicts that the global population of UHNWIs will grow another 28 percent, with Asia and Australasia showing the largest growth at 33 percent each, followed by North America (28 percent) and Latin America ( 26 percent).
“The UHNWI population in India is projected to grow by 39 percent between 2021 and 2026, with 19.06 people expecting a net worth of $30 million or more by 2026,” the advisor said.
In the past 5 years, Delhi has witnessed a 101.2 percent increase in major markets, followed by Mumbai (42.6 percent) and Bengaluru (22.7 percent).
However, in the next 5 years, Bengaluru is expected to witness an 89 percent increase in the UHNWI population and become home to 665 ultra-wealthy individuals by 2026.
