RICHIE RICH: During 2017-2018, the UHNWIs in India grew by 7% as against the global average of 4% and the Asian average of 3%, says Knight Frank survey
India has the highest growth rate of Ultra High Net Worth Individuals (UHNWI) in the world with a 116% rise in billionaire population during 2013-18.
In the next five years (2018-2023), the country is expected to continue the lead in global growth rankings with 39% growth rate, according to The Wealth Report 2019 by Knight Frank. This increase of 39% would mean about new 750 individuals becoming billionaires. As of 2018, there were 1,947 UHNWIs in India.
During 2017-2018, the UHNWIs in India grew by 7% as against the global average of 4% and the Asian average of 3%.
The survey shows that about 61% of UHNWIs expect their wealth to increase in 2019, thereby showing growth in India's economic growth. However, the Indian UHNWIs prefer the UK and the US to buy properties outside of India and this wealthy lot prefers equity and bonds for investments. For Indian UHNWIs, real estate is the third most invested asset class. Comparatively, Asian UHNWIs prefer real estate, cash and gold as primary investment tools.
Possibly, due to note-ban, the Indian UHNWIs showed least preference for the most liquid of the assets – cash, which saw a dip of 15%.
Shishir Baijal, chairman & managing director, Knight Frank India, said, "About 63% of the world's UHNWIs saw an exponential surge in their wealth in 2018, clearly showcasing the economic optimism around the globe. Despite a slide in the Indian rupee against the US dollar, India witnessed a growth in UHNWIs due to heightened economic activity and strong performance of equity markets."
The report findings show that Bengaluru is expected to lead the UHNWI growth forecast at 40%, while Mumbai and Delhi share the spot at 38% growth in the next five years, up to 2023.
"Despite the softening momentum in the region's economies, growth prospects in Asia remain favourable in the medium term. While China's economy is expected to slow, emerging markets such as India and the Philippines will deliver some of the strongest growth over the coming years," said Nicholas Holt, head of research, Knight Frank Asia Pacific.
London and New York shared the top ranking for being the most wealthy cities in the world. While Mumbai ranked 12th and Delhi was on the 49th position and Bengaluru on 71st.
BEGETTING MONEY
- Bengaluru is expected to lead the ultra high net worth individual growth forecast at 40%
- Mumbai and Delhi share the spot at 38% growth in the next five years, up to 2023
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