The number of ultra-high-net-worth-individuals (UHNWIs) has globally increased by 9.3% in 2021. Over 51,000 people have seen their net assets increased to US$30m or more. In India, the number of UHNWIs (net assets with US$ 30m or more) has grown by 11% YoY in 2021, the highest percentage growth in APAC, according to Knight Frank’s latest edition of The Wealth Report 2022.
As per the report, equity markets and digital adoption have been key factors driving growth in the super rich category of India. Around 69% of the super wealthy individuals in India is expected to witness an increase of over 10% in their net worth in 2022. Asia continues to be the forerunner in the billionaires’ club contributing to 36% of the total billionaires in the world in 2021. India has ranked 3rd in terms of billionaires’ population in 2021, following the US and China.
Every region across the world saw an increase in the number of UHNWIs between 2020 and 2021 – Americas (+12.2%), Russia & CIS (+11.2%), Australasia (+9.8%), Middle East (+8.8%), Latin America (+7.6%), Europe (+7.4%) and Asia (+7.2%) – except for Africa, where the UHNWI population declined by 0.8%.
Amongst key Indian cities, Bengaluru witnessed the highest growth in the number of UHNWIs with 17.1% to 352 followed by Delhi with 12.4% to 210 and Mumbai with 9% to 1596 in 2021.
Commenting on the same, Shishir Baijal, Chairman and Managing Director, Knight Frank India, 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. With a healthy growth in the UHNWI and Billionaire population, India is expected to be one of the fastest growing countries amongst its global peers, further strengthening itself economically and emerging as a superpower in different sectors.”
Read More at https://www.financialexpress.com/money/india-ranks-3rd-in-billionaire-population-globally-knight-frank/2448068/