Knight Frank estimates there will be 1.7 million high-net-worth individuals in India by 2022, up from 797,714 today. These individuals will super rich and grow at a massive 108% in the next five years, reaching 1.7 million in total.

According to Knight Frank’s ‘The Wealth Report 2023,’ India’s ultra-high-net-worth individuals (UHNWIs) will grow from 12,069 in 2022 to 19,119 in 2027. India’s billionaires will jump from 161 to 195 by 2027.

Recent economic growth is attributed to India’s hectic development activities in both core and non-core sectors. According to Shishir Baijal, chairman and managing director of Knight Frank India, India is a global startup hub that creates new wealth.

India also has new opportunities arising from sectors such as global manufacturing, infrastructure development, and technology startups. This, according to Baijal, will spur economic growth and lead to an increase in wealth creation, resulting in a rise in the number of wealthy citizens.

India’s wealth distribution

Global UHNI population declines

UHNIs in India dipped by 7.5% in 2022, following a global trend, even as HNIs and billionaires increased. Global UHNIs fell 3.8% in 2022 after registering a record 9.3% growth in 2021. This is due to the strong economic rebound in 2021 and its quick reversal in 2022. The total wealth of UHNIs also dropped by 10% in 2022.

Several factors contributed to the decline in UHNWI numbers last year, including weak equity and bond markets. However, 100 prime residential markets globally saw an average price rise of 5.2% and luxury investment assets grew 16%, which helped steady the decline,” said Liam Bailey, Knight Frank’s global head of research.

The UHNI population grew 44% in the five years to 2022, despite the dip. “Although we expect growth to slow to 28.5% over the next five years, the recent dip will prove short lived as we adapt to the new economic environment,” Bailey said.

In contrast, the number of high-net-worth individuals (HNIs) grew 2.9% last year, with only Europe as a region seeing a decline in HNI numbers. Meanwhile, the number of billionaires declined by 5% to 2,629 last year.

According to the report, the first four months of 2023 have seen greater optimism – improving the chances of wealth creation.

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