- Saturday, April 20, 2024
By: Radhakrishna N S
AS MANY AS 74 per cent of India’s super rich prefer to purchase properties in the UK, while 39 per cent favour the US, a report said yesterday (6).
Both countries are of high interest for India’s ultra high net worth individuals (UHNWIs) from a business standpoint as well as for lifestyle purposes, said property consultant Knight Frank in its Wealth Report 2019.
India and the US remain the top choices of investment or self-use purchase in the near future, the report added.
According to the report, 25 per cent of Asian UHNWIs plan to buy a home outside their country of residence by 2020, higher than the global average of 22 per cent.
As many as 18 per cent Indian UHNWIs showed affinity towards purchasing homes abroad.
A key driver influencing Asian UHNWIs’ decisions to purchase property overseas is education.
Among the Indian UHNWIs, 40 per cent prefer to send their off-spring abroad for their primary and secondary education, while a higher 62 per cent gravitate towards sending their children for higher education.
Shishir Baijal, chairman and managing director, Knight Frank India, said: “Indians are progressively increasing their global footprint with UHNWIs getting attracted to the quality of services in these countries.”
“We have seen a growing trend in purchase of properties among India’s wealthy across the globe. It would be worthwhile to point out that Indians are contributing significantly to global wealth creation.”
