India emerged as one of the leading investment destinations for billionaires across the world, as per the UBS Billionaire Ambitions Report 2022.
The report is based on surveys, questions and information from the UBS Evidence Lab on over 2,500 billionaires across 75 markets.
Billionaires are looking to put more of their money in India due to the strong growth of the region's economy, according to the report.
Among the sectors, the billionaires favour energy, possibly due to today's supply constraints and the accelerating secular transition to renewables. In the report, 58 per cent of the billionaire respondents chose India and Southeast Asia as their chosen markets for investment. Only 42 per cent of respondents picked China.
In contrast to the rest of the world, India's billionaire population flourished, as it surpassed the United Kingdom to become the fifth-largest economy in 2022. India with a more youthful labour force also overtook China as the fastest-growing of the world's major economies. At the same time, the number of Indian billionaires grew from 140 last year to 166 with their aggregated wealth expanding by 25.7 per cent to USD 749.8 billion.
The "UBS Billionaire Ambitions Report 2022" published earlier this month said that "North America, with its huge domestic market and vibrant entrepreneurial culture, also remains a popular region. While still ahead of the rest of the world, mainland China lags these regions somewhat." Few seem to be interested in investing in Western Europe despite it being a major economic bloc.
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