Knight Frank’s latest edition of The Wealth Report 2022 reveals that the number of ultra HNIs (net assets with US$ 30m or more) has grown by 11% in 2021 in India, the highest percentage growth in Asia Pacific. India is ranked 3rd in terms of billionaires’ population in 2021 following US and China.
In addition, India’s billionaire population grows by 24% to 145 billionaires during 2020-21.
Equity markets and digital adoption have been key factors driving growth in the super rich category of India. Around 69% of the super wealthy individuals in India is expected to witness an increase of over 10% in their net worth in 2022.
Amongst key Indian cities, Bengaluru witnessed highest growth in the number of UHNWIs with 17.1% to 352 followed by Delhi with 12.4% to 210 and Mumbai with 9% to 1596 in 2021.
In the last 5 years for the major markets, Delhi has witnessed an increase of 101.2% followed by Mumbai (+42.6%) and Bengaluru (+22.7%). However, in the next 5 years, Bengaluru is projected to witness an increase of 89% of the UHNWI population and become home to 665 ultra-wealthy individuals by 2026.
Wealth surge in the UHNWI population in India
|
UHNWIs |
2020 - 21 |
2016-21 |
2021-26 |
|
Bengaluru |
17.1% |
22.7% |
88.9% |
|
Delhi |
12.4% |
101.2% |
50% |
|
Mumbai |
9% |
42.6% |
29.6% |
Source: Knight Frank Wealth Sizing Model
In a press release, Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “Equity markets and digital adoption have been the key factors driving the growth of ultra HNIs in India. The growth in younger, self-made ultra HNIs has been incredible in India and we foresee them to drive new investment themes and innovation. With a healthy growth in the ultra HNIs and billionaire population, India is expected to be one of the fastest growing countries amongst its global peers, further strengthening itself economically and emerging as a superpower in different sectors.”
The study further reveals that India is ranked 6th in percentage growth of the ultra HNIs population that is self-made and under the age of 40 years.
The report says that 69% of Indian ultra HNIs expects more than 10% increase in their wealth in 2022.
