India will have 11,198 individuals with over $30m wealth in five years, says report

A NEW report has revealed that the number of ultra-high networth individuals, with wealth of $30 million or more, is expected to rise 63 per cent in the next five years to 11,198 in India.

According to the Wealth Report 2021 by Knight Frank India, there are 5,21,653 ultra-high networth individuals globally, of which 6,884 are in India.

The global number of such individuals 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 number of super rich," the report said.

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 global average growth of 24 per cent and Asia average of 38 per cent during this period.

The report also predicted that Asia is likely to see the highest rise in the number of ultra-high networth individuals with an estimated growth of 39 per cent. This will be led by Indonesia (67 per cent) and India (63 per cent).

"India will be striding to make an entry into the $5-trillion club in the next few years. The new economic opportunities will help bring lucrative wealth creation assets which will add new wealthy individuals in the country," said Shishir Baijal, chairman & managing director of Knight Frank India.

Mumbai has the maximum number of super rich at 920, followed by Delhi 375 and Bengaluru 238.

In terms of passions led investment, jewellery is the most preferred object of desire for Indian ultra-high networth individuals followed by art, watches, wine and classic cars, the consultant said in a separate statement.

Hermés handbags topped the Knight Frank Luxury Investment Index with prices increasing by 17 per cent over the past 12-month period, ending December 2020.

Wine saw a 13 per cent incremental value on investment, whereas rare whisky devaluated by 4 per cent.

According to the report, one in five India's ultra-high networth individuals plan to buy a new home in 2021.