Number of ultra-rich in India increases 6% last year to 13,263: Knight Frank

New Delhi: The number of ultra-high-worth individuals in India increased 6 per cent annually to 13,263 last year on rising prosperity and the number of affluents would grow further to reach nearly 20,000 by 2028, according to Knight Frank.

Ultra-high Net Worth Individuals (UHNWIs) are defined as individuals having a net worth of USD 30 million and above.

In a virtual press conference on Wednesday, real estate consultant Knight Frank India released 'The Wealth Report 2024' saying that the number of UHNWIs in India grew 6.1 per cent to 13,263 in 2023 as against 12,495 individuals in the previous year.

The number of UHNWIs in India is expected to expand to 19,908 by 2028 from 13,263 in 2023.

Knight Frank India Chairman and Managing Director Shishir Baijal said "In a transformative era of wealth creation, India stands as a testament to thriving prosperity and burgeoning opportunities in the global economic spectrum. A remarkable surge in its UHNWI population, catapulting by 50.1 per cent within the next five years is an indication of this phenomenon." As per Knight Frank's report, 90 per cent of Indian UHNWIs are expecting to witness an increase in their wealth during the year 2024. Almost 63 per cent are expecting to witness a significant increase of more than 10 per cent in their wealth value.

"With 90 per cent of Indian UHNWIs envisioning a surge in their fortunes in 2024, the landscape of affluence is vibrant and dynamic. While global uncertainty prevails, easing domestic inflationary risks and the likelihood of rate cuts will further accentuate the growth of the Indian economy, and the reflection of this sentiment is echoed by wealthy Indians," Baijal said.

Globally, the number of wealthy individuals globally is estimated to increase by 28.1 per cent over the next five years to 8,02,891 by 2028, the consultant said.

In the year 2023, the number of UHNWIs globally rose by 4.2 per cent in 2023 to 6,26,619 from 6,01,300 a year earlier. This increase has more than reversed the decline witnessed in 2022.

In terms of annual performances by various countries, Turkey leads Knight Frank's rankings with a 9.7 per cent YoY expansion in UHNWI numbers, followed by the US at 7.9 per cent, India at 6.1 per cent, South Korea at 5.6 per cent, Switzerland at 5.2 per cent.

Liam Bailey, global head of research at Knight Frank, said, "With the mobility of wealth increasing all the time, a key question is whether future growth remains within these and other high-growth markets, or whether there is a leakage of talent to Europe, Australasia or North America." Outside Asia, strong growth is focused on the Middle East, Australasia, and North America, with Europe lagging and Africa and Latin America likely to be the weakest regions, Bailey added.