THE number of ultra-high-net-worth individuals in India, who have net assets of $30 million (£22.38m) or more increased 11 per cent last year on the back of buoyant equity markets and digital revolution, according to Knight Frank.
India also ranked third, behind the US and China, in having the most billionaires; there are 748 in the US, followed by 554 in China and 145 in India.
In its latest edition of The Wealth Report 2022, property consultant Knight Frank said the number of ultra-high-net-worth-individuals (UHNWIs) worldwide increased by 9.3 per cent in 2021 to 610,569, from 558,828 in the previous year.
"In India, the number of UHNWIs (net assets with $30 million or more) has grown by 11 per cent YoY (year-on-year) in 2021, the highest percentage growth in APAC," Knight Frank said in a statement.
The number of UHNWIs in India grew to 13,637 in 2021 from 12,287 in the previous year.
Among key Indian cities, Bangalore witnessed the highest growth in the number of UHNWIs at 17.1 per cent to 352, followed by Delhi (12.4 per cent, 210) and Mumbai (nine per cent, 1,596).
Knight Frank India chairman and managing director Shishir Baijal said: "Equity markets and digital adoption have been the key factors driving the growth of UHNWIs in India. The growth in younger, self-made UHNWIs has been incredible in India and we foresee them to drive new investment themes and innovation."
Some 69 per cent of super wealthy individuals in India are predicted to witness an increase of more than 10 per cent in their net worth in 2022, according to the report.
"Asia continues to be the forerunner in the billionaires' club, contributing to 36 per cent of the total billionaires in the world in 2021. India has ranked 3rd in terms of billionaires' population in 2021 following US and China," the statement said.
For the first time, Knight Frank has examined the size of the ‘next generation' of the world's UHNWI population and assesses what that could mean for the property markets. "Globally, it is estimated that 135,192 UHNWIs are self-made and under the age of 40, accounting for around a fifth of the total UHNWI population.
“India has ranked 6th in percentage growth of the UHNWI population that is self-made and under the age of 40 years," it said.
Over the next five years, Knight Frank forecasts that the global UHNWIs population will grow by a further 28 per cent, with Asia and Australasia at 33 per cent each, seeing the largest growth, followed by North America (28 per cent) and Latin America (26 per cent).
"The number of UHNWI population in India is expected to grow by 39 per cent between 2021 and 2026, with 19,006 people expecting to have net assets of $30m or more by 2026," the consultant said.
In the past five years, Delhi witnessed an increase of 101.2 per cent, followed by Mumbai (42.6 per cent) and Bangalore (22.7 per cent).
However, in the next five years, Bangalore is projected to witness an increase of 89 per cent in the UHNWI population and become home to 665 ultra-wealthy individuals by 2026.
Number of ultra-high-net-worth individuals 'grows 11 per cent India'
