The population of HNIs is expected to grow by 75% in the next five years, says the Knight Frank 2021 report. As on 2020, India has 3.50 lakh HNIs, which will grow to 6.11 lakh by 2025.
Similarly, the population of ultra HNIs is expected to grow by 63% to 11,198 individuals by 2025 from 6,884 in 2020.
Here individuals with wealth over $1 million are considered as HNIs and those with wealth over $30 million are considered as ultra HNIs.
The report says the population of billionaires in the country will also grow by 43% to 162 in 2025 from 113 in 2020.
Globally, the ultra HNI population will grow by 27% over the next five years to reach 6.63 lakh from 5.21 lakh in 2020. Similarly, HNI population is expected to grow by 41% to 6.81 crore in 2025 from 4.85 crore in 2020.
In terms of highest five year forecast for ultra HNIs, Asia tops the list with 39% growth led by Indonesia with 67% growth forecast and India with 63%.
Other trends
- There has been a behavioural shift towards home buying after the pandemic. One out of five ultra HNIs in India intend to buy a new home in 2021 compared to one out of 10 in 2020
- India is amongst top 3 countries in Asia where there is a biggest change in those who bought and intend to buy a new home in 2021
- Jewellery, art and watches are the most desired objects for ultra HNIs in India
- Office and logistics are the top two real estate sectors of interest to the Indian ultra HNIs for investments
- 92% HNIs in India are more interested in healthcare and disease prevention against 81% globally
- Mumbai, Delhi and Bengaluru rank 64th, 83rd and 87th respectively in the Knight Frank City Wealth Index 2021. London, New York and Paris retain the top three slots
