International property consultant Knight Frank has observed in its recent Attitudes Survey 2021 that 14 per cent of India's ultra-high net worth individuals (UHNWIs, $30 million-plus) are from the salaried employee segment.
This makes India the fourth highest contributor in the Asia Pacific for salaried employees in the ultra-wealthy club.
According to the survey, a vast majority of about 56 per cent Indians derive most of their wealth through their own businesses. Indians who derive their wealth through salaries or receive dividends from their investment portfolios share the second spot, contributing 14 per cent to India's UHNWIs club.
In the Asia-Pacific region, Singapore has the highest population of salaried UHNWIs with 31 per cent of the ultra-wealthy being salaried employees, followed by the Philippines (18 per cent), Chinese Mainland (16 per cent), India (14 per cent) and Hong Kong (13 per cent). Globally too, Singapore maintains its lead, followed by South Africa (28 percent), Russia (25 per cent), Canada (22 per cent) and Switzerland (22 per cent).
Commenting on the findings, Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, "The rise in the number of salaried employees, who now occupy space in the UHNWI list in India, can be largely attributed to the growth of the country as a key regional and global economy. With India being a key market for most countries, we have seen the presence of most major conglomerates in India.
"Significantly, Indians are strong contenders of key executive positions worldwide due to high quality of manpower which is leading to the rise of the salaried segment as UHNWI. We expect that the phenomenon will continue to grow, as businesses seek to improve their efficiency; there would be a growth in high paying specialised jobs which will help them to contribute more to the club."
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