Indian ultra rich individuals to grow 63 per cent over next five years

 India’s Ultra High Net Worth Individuals (UHNWI) population is likely to grow by 63 per cent over the next five years, the second fastest globally after Indonesia, said the Knight Frank Wealth Report 2021 released by the international property consultants today.

Though the net worth of Indian UHNWIs recorded a -1.6 per cent growth in 2019-2020 compared to 2.4 per cent growth globally, the population of the Indian super rich are likely to clock a growth of 63 per cent in 2020-2025 period on the back of economic recovery from the Coronavirus pandemic, the report said.

The Wealth Report 2021 said out of 521,653 UHNWIs globally, 6,884 were from India. The Ultra High Net Worth Individuals are identified as those with more than USD 30 million net worth. The global population is expected to growth by 27 per cent to 663,483 by 2025, while the Indian population is expected to increase 11,198 by 2025

The report, which gathered data from a survey of wealth managers, said the Indian billionaire count is expected to increase from 113 in 2020 to 162 by 2025. Mumbai (920), Delhi (375) and Bengaluru (238) have a high concentration of UHNWIs.  

The report said 91 per cent of Indian UHNWIs surveyed expected their wealth to increase in 2021 compared to 71 per cent globally. While 1 out of 10 Indian UHNWIs said they purchased a property in 2020, 1 out of 5 say they will buy a new home in 2021.

BREAK-UP OF THE WEALTHY POPULATION IN INDIA:

 

India	UHNWI	Billionaire
2020	6,884	113
2025	11,198	162

Source: Knight Frank Research

Shishir Baijal, Chairman & Managing Director, Knight Frank India said “With the economic operability reaching high levels of its efficiency post the pandemic, India will be striding to make an entry into the US$ 5-trillion club in the next few years. 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. The new economic opportunities will help bring lucrative wealth creation assets which will add new wealthy individuals in the country.”

Liam Bailey, global head of research at Knight Frank said, “Asia is the key wealth story. The US is, and will remain, the world’s dominant wealth hub over our forecast period, but Asia will see the fastest growth in UHNWIs over the next five years, 39% compared to the 27% global average. By 2025, Asia will host 24% of all UHNWIs, up from 17% a decade earlier. The region is already home to more billionaires than any other (36% of the global total). China is the key to this phenomenon with 246% forecast growth in UHNWI residents in the decade to 2025.”