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There is a big opportunity for MFDs. A wealth report released by Knight Frank reveals that India will have over 16.55 lakh HNIs by 2027.
The population of HNIs in India will grow from 8 lakh in FY 2022 to 16.55 lakh in FY 2027, a growth of over 100% in absolute terms in 5 years, says the report.
HNIs are individuals having investible surplus of 1 Million USD or Rs.8.20 crore.
Further, the report forecasted that India will have over 19,000 ultra HNIs by 2027. This number is set to increase by 58% from 12,000 such individuals. Ultra HNIs are those individuals having investible surplus of 30 Million USD or close to Rs.250 crore.
Also, India’s billionaire population is expected to go up from 161 individuals in 2022 to 195 individuals in 2027.
Despite the rise in interest rates and the appreciation of the US Dollar, the HNI population remained on a growth path registering a YoY growth of 4.5% in 2022 and India’s billionaire population rose by 11% YoY in 2022 compared to the previous year.
In a press release, Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “India’s hectic development activities in core and non-core sectors has helped accelerate economic growth in the recent times. Aligned to that is India’s significant position as a global start-up hub creating new wealth. The new opportunities emanating from sectors like global manufacturing in India, infrastructure development, technology start-ups etc. will propel economic momentum and help the cause of wealth creation in the country, leading to the rise in the number of wealthy individuals in India.”
