India’s wealthiest club to double in next five years: Report

Chennai: A recently-concluded online wealth report has found that India’s Ultra-High-Networth Individuals (UHNWIs) population, those with USD 30 million or more, is expected to grow by 63 per cent in the next five years, with India’s billionaire count all set to increase from 113 in 2020 to 162 by 2025.

According to the report by Knight Frank, the growth will outpace the global average growth of 24 per cent and Asia average of 38 per cent during the period.

“An individual requires US$ 60,000 to join the wealthiest one per cent club in India. The wealth growth forecasts predict India’s threshold of one per cent the wealthiest club to almost double in the next five years. In terms of passion led investment, jewellery is the most preferred object of desire for Indian UHNWIs, followed by art, watches, wine and classic cars. In line with global trends, Indian UHNWIs too cited a higher preference for wine, compared to rare whisky in 2020”, the report said.

There is also a rise in the number of UHNWIs in India who intend to purchase a new home in 2021, with 43 per cent globally UHNWIs are more interested in environmental, social and governance (ESG) focused investments than 12 months ago.

Shishir Baijal, CMD, Knight Frank India, said, “With the economic operability reaching high levels of its efficiency post the pandemic, India will make strides to make an entry into 5-trillion-dollar club in the next few years. India is expected to further economically strengthen and gain a formidable position as an Asian superpower paving an ecosystem for the rise of new sunrise sectors. The new economic opportunities will help bring lucrative wealth creation assets which may add new wealthy individuals in the country”.

 

NT Bureau