Number of ultra-high-net-worth individuals in India, having net worth of over $30 million, fell 7.5 per cent last year to 12,069 but will rise to 19,119 in the next five years, according to Knight Frank.
Knight Frank predicts that the number of extremely wealthy Indians—those with net worth of more than USD 30 million—will increase from 12,069 in 2017 to 19,119 in 2023, a 7.5% decline from the previous year.
According to projections, the number of billionaires in India would reach 195 by 2027, up from 145 in 2022.
"The Wealth Report 2023" was published on Wednesday by real estate consultancy Knight Frank.
From 12,069 in 2022 to 19,119 in 2027, the number of ultra-high-net-worth people (UHNWI) in India with net worth exceeding USD 30 million is projected to increase by 58.4 percent, according to the consultant.
Last year, there was an increase of 7,97,714 HNIs (high-net-worth individuals) in India compared to 7,63,674 in the previous year. These individuals have assets valued at USD 1 million or more.
In 2027, there will be 16,57,272 high-net-worth individuals.
As a result of economic downturns, repeated rate hikes, and increasing geopolitical worries, the wealth and investment portfolios of the ultra-wealthy were affected, leading to a 3.8% fall in the world's population of UHNWIs in 2022, following a record 9.3% increase the previous year.
The consultant also highlighted a similar trend in India, where the number of ultra-high net worth individuals (UHNWIs) fell 7.5% year-on-year (YoY) in 2022 compared to the previous year.
In addition to higher interest rates, the value of the Indian rupee rose, which stunted wealth accumulation in the country.
While the number of billionaires in the country increased by 11% year-over-year in 2022, the number of high-net-worth individuals (HNIs) continued to rise, increasing by 4.5% in 2022.
The recent acceleration of India's economic growth can be attributed to the country's frenzied development efforts in both its core and non-core sectors. According to Shishir Baijal, Chairman and Managing Director of Knight Frank India, this is in line with India's prominent role as a worldwide center for startups that generate new wealth.
In his words, the country's economy would gain steam thanks to new prospects in areas like technological startups, infrastructure development, global manufacturing in India, and so on. This, in turn, will lead to an increase in the number of rich Indians.
Comments