India has over 1,250 ultra high net worth (UHNW) women whose combined fortune totals $95 billion (with Rs6.02 lakh crore, or about 10% of the total wealth of UHNW individuals in India).
That’s not all. If the third edition of The World Ultra Wealth Report released by global financial services major UBS on Wednesday is to be believed, they form 16% of the UHNW individuals in India, the world’s highest country-wise percentage for UHNW women.
Next in line is China where 15% of UHNW individuals are women. At the bottom of the exclusive pile is Saudi Arabia (only 3% or 40 women sport the UHNW tag).
This is the first time that the annual publication has included a gender-wise profile.
Individuals who have a minimum net worth of $30 million (around Rs190 crore) qualify for the UHNW label.
The report does not identify the super-rich women/individuals; nor does it detail how exactly they built their fortunes. But it does reveal that India has 7,850 UHNW individuals, up by 120 from last year. And their total wealth has gone up by $10 billion or 1.1% to $935 billion (Rs59.35 lakh crore).
India added more members to this club in the past one year than any other BRIC (Brazil, Russia, India and China) nation. India’s UHNW club members are also the most generous in the world, having donated 10.6% of their net worth on average.
City-wise, Mumbai and Delhi are home to more than 50% of India’s UHNW individuals.
The report says that despite a weak rupee and high inflation, “there is some relief in sight and that has helped in boosting the wealth”. The report says economic reforms increase foreign investment and reduce red tape, thus fostering development of businesses which, in turn, help boost growth and wealth of UHNW individuals. “Furthermore, S&P has revised India’s credit rating from negative to stable in June this year, showing slightly more promise.”
Globally, there are 1,99,235 UHNW individuals with a combined wealth of $27.8 trillion.