India’s ultra high-net-worth individuals to rise 63% in five years

India’s ultra high-net-worth individuals to rise 63% in five years
The number of ultra high-net-worth individuals (UHNWIs) in India, who have wealth of $30 million or more, is likely to rise 63% over the next five years to 11,198. This will be the second fastest growth of UHNWIs in the world, according to a report by property consultant Knight Frank India. India currently has 6,884 UHNWIs out of 5,21,653 such individuals globally, as per Knight Frank’s Wealth Report 2021. The UHNWI population across the world is expected to grow by 27% to 6,63,483 in the next five years, with Asia likely to see the highest rise in the number of UHNWIs with an estimated growth of 39%. “India is expected to see an incredible growth of 63% by 2025, making it the second fastest growing country in terms of number of UHNWIs. The number of UHNWIs in India is expected to grow in the next five years to 11,198 in 2025,” Knight Frank India said in a statement. India’s billionaires club is expected to increase substantially by 43% to 162 by 2025 from 113 in 2020. This growth has surpassed the global average growth of 24% and the Asia average of 38% during this period, the report states. As far as Indian cities are concerned, Mumbai, Delhi and Bengaluru have a high concentration of wealth with 920, 375 and 238 UHNWIs, respectively. Jewellery followed by art, watches, wine and classic cars are the most preferred objects of desire for Indian UHNWIs. As per Knight Frank’s wealth report attitudes survey, 91% of Indian UHNWIs expect to see an increase in their wealth this year. “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.

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