A recent report by Knight Frank indicates a significant rise in India’s ultra-high-net-worth individuals (UHNWI) and billionaire population over the next five years. The study highlights a projected 58.4% increase in UHNWI individuals, with a net worth exceeding $30 million, from 12,069 in 2022 to 19,119 in 2027. Furthermore, India’s billionaire population is expected to grow from 161 individuals in 2022 to 195 individuals in 2027.
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According to Knight Frank’s ‘The Wealth Report 2023,’ India’s UHNWI population is on a remarkable upward trajectory. The report reveals that the number of ultra-wealthy individuals is set to soar by 58.4% over the next five years. The UHNWI segment, comprising individuals with a net worth of over $30 million, is projected to increase from 12,069 in 2022 to an impressive 19,119 by 2027. This surge underlines the wealth accumulation and economic growth within the country.
In addition to the surge in UHNWIs, India’s billionaire population is also expected to experience substantial growth. The number of billionaires in the country is projected to rise from 161 individuals in 2022 to 195 individuals in 2027. This upward trend further highlights the concentration of wealth and prosperity among a select group of individuals.
Knight Frank’s report also indicates a significant growth trajectory for India’s high-net-worth individuals (HNIs). The HNI segment, encompassing individuals with assets valued at $1 million and above, is expected to witness a staggering 107% increase over the next five years. The HNI population, which stood at 797,714 in 2022, is projected to reach 1.65 million by 2027. This robust growth demonstrates the expanding affluence and economic opportunities within India.
While the global population of UHNWIs experienced a decline of 3.8% in 2022, India also witnessed a 7.5% decline in its UHNWI population compared to the previous year. This decline can be attributed to factors such as economic slowdowns, rising interest rates, and geopolitical uncertainties. The appreciation of the US dollar further impacted the growth of wealth in India. However, despite these challenges, the HNI population demonstrated a positive year-on-year growth rate of 4.5%, and the billionaire population increased by 11% in 2022.
The report highlights a slowdown in the creation of new wealth in Asia, with a 6.5% decline in UHNWI population in 2022. However, Singapore, Malaysia, and Indonesia emerged as the top ten highest-growth spots, recording a rise between 5% and 7% in their ultra-wealthy populations. The Asian region is estimated to witness a substantial growth of nearly 40% in its UHNWI count over the next five years. By 2027, Asia is expected to be home to 210,175 UHNIs, surpassing Europe and standing only second to the Americas.
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