With 797 ultra HNIs, Mumbai has the highest ultra HNIs population in India, shows the recent wealth report published by Knight Frank. This number is expected to grow by 38% to 1,101 by 2023. Delhi has the second largest number of UHNIs at 211, forecasted to grow 38% to 291 by 2023.
According to the report, ultra HNIs are individuals with a net worth of over US$30 million excluding their primary residence while HNIs are those who have a net worth of over US$1 million excluding their primary residence.
While the report has not mentioned the reason for high population of ultra HNIs in Mumbai and Delhi, experts feel that while Mumbai is the hub of all major industries such as financial services, real estate and media, Delhi is home to real estate, services and manufacturing.
Overall, the number of ultra HNIs in India stood at 1,576 five years ago, which could increase by 39% to 2,697 in the coming four years. Worldwide, ultra HNIs population stood at 1.98 lakh, which may grow to 2.41 lakh by 2023.
Millionaires rose 30% in the last five years in India from 2.51 lakh to 3.26 lakh. The report forecasts that this number would grow to 4.39 lakh by 2023. Globally, the number of millionaires grew a mere 3% in the last five years with an expectation to grow 19% to 2.3 crore by 2023.
The report shows that there are 119 billionaires residing in the country, which went up by 116% in the last five years. This number is forecasted to rise by 37% to 163 in the coming five years. The global growth of billionaires in the country was about 55% in the past five years, which may grow by 21% to 2696 by 2023.