In 2021, the number of ultra-high-net-worth individuals (UHNWIs) will have increased by 9.3 percent globally. Over 51,000 people have seen their net assets rise to $30 million or more. According to Knight Frank’s latest edition of The Wealth Report 2022, the number of UHNWIs (net assets of $30 million or more) In India increased by 11% year on year in 2021, the highest percentage growth in APAC.
According to the report, equity markets and digital adoption have been key factors driving growth in India’s super-rich category. In 2022, the net worth of approximately 69 percent of India’s super-wealthy individuals is expected to increase by more than 10%. Asia remains the forerunner in the billionaires’ club, accounting for 36% of all billionaires.
In 2021, India ranked third in the world in terms of billionaire population, trailing only the United States and China.
Between 2020 and 2021, every region in the world saw a rise in the number of UHNWIs – the Americas (+12.2 percent), Russia & CIS (+11.2 percent), Australasia (+9.8 percent), Middle East (+8.8 percent), Latin America (+7.6 percent), Europe (+7.4 percent), and Asia (+7.2 percent) – with the exception of Africa, where the UHNWI population fell by 0.8 percent.
Among key Indian cities, Bengaluru saw the greatest increase in the number of UHNWIs, growing 17.1 percent to 352, followed by Delhi (12.4 percent to 210) and Mumbai (9 percent to 1596 in 2021).
Shishir Baijal, Chairman and Managing Director, Knight Frank India, commented on the matter, saying, “Equity markets and digital adoption have become the key factors driving the growth of UHNWIs in India.”
In India, the growth of younger, self-made UHNWIs has been phenomenal, and we expect them to push new investment concepts and innovation. With a healthy increase in the number of UHNWI and billionaires, India is likely to be one of the strongest economies among its global peers, further reinforcing its economy and emerging as a superpower in various sectors.”
For perhaps the first time, Knight Frank has explored the size of the world’s UHNWI population’s “next generation” and assessed what this might mean for property markets. Globally, 135,192 UHNWIs are estimated to be self-made and under the period of 40, accounting for roughly one-fifth of the total UHNWI population. India is ranked sixth in the world in terms of the overall growth of the UHNWI population that is self-made and under the age of 40.
Knight Frank predicts that the global UHNWI population will grow by a further 28% over the next five years, with Asia and Australasia (+33%) seeing the most growth, followed by North America (+28%) and Latin America (+26%). The population of ultra-high-net-worth individuals (UHNWIs) in India is expected to increase by a factor of two.