Mumbai (Maharashtra) [India], February 24 (ANI): The number of ultra high net worth individuals (UHNWIs) in India with 30 million dollars (about Rs 217 crore) or more is expected to grow by 63 per cent to 11,198 by 2025, Knight Frank said on Wednesday.
This will make India the second fastest growing country in terms of number of UHNWIs, said its annual wealth report. Across the world, the UHNWI population is expected to grow by 27 per cent to 663,483 in the next five years.
In the regional context, Asia is likely to see the highest rise in the number of UHNWIs with an estimated growth of 39 per cent.
While Indonesia boasts of 67 per cent growth in its UHNWI population during this period, which is the highest globally, India's UHNWI population will be 10 times that of Indonesia.
From the perspective of Indian cities being home to the wealthy, Mumbai, New Delhi and Bengaluru have a high concentration of wealth with 920, 375 and 238 UHNWIs respectively.
According to respondents of Knight Frank's wealth report attitudes survey, 91 per cent of Indian UHNWIs expect to see an increase in their wealth this year.
The expected rapid growth of ultra-wealthy population in India is much faster compared to the global average of 27 per cent and Asian average of 39 per cent.
The billionaires club in India is expected to increase significantly by 43 per cent to 162 by 2025 from the current 113 in 2020. The growth has outpaced global average growth of 24 per cent and Asia average of 38 per cent during this period.
"Asia is the key wealth story," said Liam Bailey, global head of research at Knight Frank.
"The United States is and will remain the world's dominant wealth hub but Asia will see the fastest growth in UHNWIs over the next five years, 39 per cent compared to the 27 per cent global average," he said.
"By 2025, Asia will host 24 per cent of all UHNWIs, up from 17 per cent a decade earlier. The region is already home to more billionaires than any other (36 per cent of the global total). China is the key to this phenomenon with 246 per cent forecast growth in UHNWI residents in the decade to 2025."The entry point for India in the one per cent wealthy club is 60,000 dollars. Knight Frank's wealth forecasts predict India's threshold to almost double in the next five years.
Knight Frank is a leading independent global property consultancy. Headquartered in London, it has more than 20,000 people operating from over 488 offices across 57 markets. (ANI)