While the population of Ultra HNIs in India grew 10% in FY 2013-14 to 8585, their overall wealth increased 8% to US $ 1,013 dollar.
India is home to 8,595 ultra-high net worth individual (HNIs). It has the sixth largest population of ultra HNIs in the world, behind China which has a population 11,070 ultra HNIs with a combined wealth of US $ 1,565 dollar. United States has the highest number of ultra HNIs with a net worth of US $ 9,630 billion followed by Germany, Japan, UK, and China, shows a Wealth X & UBS Ultra Wealth Report 2014.
An Ultra HNI is defined as an individual with a net worth of US $ 30 million after accounting for shares in public and private companies, residential and passion investment such as art, planes and real estate.
Meanwhile, the report suggests that India has witnessed a growth of 10% in its ultra HNIs population as it grew to 8595 in 2014 from 7850 in 2013. Similarly, the total wealth of ultra HNIs has increased by 8% to US $ 1,013 billion in 2014 from US $ 935 billion in 2013.
The report has attributed this growth to promising policy and political change in India. It said, “The election of Prime Minister Narendra Modi resultant in growing confidence for the region’s future prospects.”
Not only does the India have a healthy ultra HNIs population, Indian born ultra HNIs is one of the biggest segments of the world’s expatriate ultra HNIs population. The report said that the population of such Indians has increased to 5000, with majority of them settled in Europe and North America.
Globally, the population of ultra HNIs has increased from 1, 99,235 to 2,11,275, a growth of 6% in 2014. Also, the world’s ultra HNIs wealth grew 7% to nearly US $ 30 trillion.
Wealth-X forecasts that the global ultra HNIs will reach 2.5 lakh with combined wealth of US $ 40 trillion in the next five years.
