India (Common Wealth) _ According to a recent Knight Frank analysis, India’s ultra-high-net-worth people (UHNWI) and billionaire population would grow significantly over the next five years. According to the study, there would be a 58.4% increase in UHNWI persons with a net worth greater than $30 million from 12,069 in 2022 to 19,119 in 2027. Furthermore, India’s billionaire population is predicted to increase from 161 in 2022 to 195 in 2027.
According to Knight Frank’s Knight Frank India,’ India’s UHNWI population is on a meteoric rise. According to the report, the number of ultra-wealthy people would increase by 58.4% during the next five years The UHNWI sector, which includes individuals with a net worth of more than $30 million, is expected to grow from 12,069 in 2022 to 19,119 by 2027. This spike emphasizes the country’s wealth accumulation and economic progress.
In addition to the increase in UHNWIs, India’s billionaire population is predicted to grow significantly. The number of billionaires in the country is expected to increase from 161 in 2022 to 195 in 2027. This increasing trend emphasizes the concentration of wealth and prosperity within a small number of people.
According to Knight Frank’s analysis, India’s high-net-worth individuals (HNIs) are on a substantial growth trajectory. The HNI segment, which includes individuals with assets worth $1 million or more, is predicted to grow by 107% over the next five years. The HNI population is expected to grow from 797,714 in 2022 to 1.65 million by 2027. This substantial increase indicates India’s growing prosperity and economic potential.
While the global population of UHNWIs fell by 3.8% in 2022, India saw a 7.5% drop in its UHNWI population compared to the previous year. Economic slowdowns, rising interest rates, and geopolitical uncertainty can all be related to this fall. The rise in the value of the US dollar influenced India’s wealth creation even more. Despite these problems, the HNI population expanded by 4.5% year on year in 2022, while the billionaire population increased by 11%.
According to the report, Asia’s production of new wealth is slowing, with a 6.5% fall in UHNWI population by 2022. Singapore, Malaysia, and Indonesia, on the other hand, appeared as the top 10 fastest-growing countries, with ultra-wealthy populations increasing by 5% to 7%. Over the next five years, the Asian region’s UHNWI population is expected to increase by approximately 40%. Asia is predicted to have 210,175 UHNIs by 2027, surpassing Europe and trailing only the Americas.
India’s frantic development operations in both core and non-essential areas have aided economic growth in recent years. In line with this is India’s major position as a worldwide start-up hub, where new wealth is created.
According to Shishir Baijal, Chairman and Managing Director, Knight Frank India, new opportunities in sectors such as global manufacturing in India, infrastructure development, technology start-ups, and so on will propel economic momentum and help the cause of wealth creation in the country, leading to an increase in the number of wealthy individuals in India. The dominance of Asia in the production of new wealth slowed in 2022, with the UHNWI population dropping by 6.5%. However, three of the top ten fastest growing economies were Asian markets Singapore, Malaysia, and Indonesia, which saw a 5% to 7% increase in the ultra-wealthy population.
By 2027, Asia will have 210,175 UHNIs, surpassing Europe and ranking second only to the Americas. The region’s ultra-wealthy population is expected to expand by about 40% during the next five years. In 2022, the Middle East was the standout region, with a 16.9% increase in UHNWIs (those with more than $30 million in net assets). The UAE grew the fastest, with an 18.1% growth, bringing the total number of UHNWIs to 1,116. Saudi Arabia was not far behind, with 10.4% yearly growth, according to the research.
