- The growth of India’s super-rich is expected to rocket faster than any other country in the world over the next five years.
- Knight Frank’s Wealth Reports pegs India’s super-rich population to grow by 73% by 2024.
- Bengaluru and the Wadala Truck Terminus in Mumbai have been pegged as the up and coming favourite for investors looking to pump money into real estate.
India's super-rich are pegged to grow faster than any other country in the world over the next five years. Knight Frank's Wealth Report predicts that India will see the highest growth in super-rich population, forecasting a 73% increase.
Ultra-high-net-worth individuals (UHNWIs) are those with a net worth of $30 million and more — also known as the super-rich. In 2019, the world saw a 6.2% increase in the super-rich despite the global economic slowdown. Over the next five years, they are set to grow by 27% globally with India leading the pack.
“This reflects the positive sentiment captured in our Attitudes Survey, with 55% of respondents expecting their clients’ wealth to increase in 2020,” said the report.
When it comes to real estate
A large part of the UHNWIs wealth is
invested in real estate. Currently, cities like New York, London and Paris lead the pack. However, the South Indian city of Bengaluru was pegged as the up and coming favourite for investors.
Even the Wadala Truck Terminus in Mumbai is on investors’ radar with them hoping that the transformation of the 288-acre area will be akin to the development of Bandra Kurla.
The overall five-year forecast for Asia, pegged at 44%, is twice that of North America’s projected rate. Asia is an “unstoppable trend” but it’s not without its faults, according to David Bailin. “Asia’s capital markets are one-fifth of the size they need to be to support the growth,” he points out.
The rest of the world
Right now, the US leads the pack with 240,000 UHNWIs. Even China, which comes in second, only has 61,587 people who have more than $30 million. India still has a way to go before it can crack the top 10, with only 5,986 of them.
Top 10 countries with the most UHNWIs |
Country | Population of UHNWIs |
US | 240,575 |
China | 61,587 |
Germany | 23,078 |
France | 18,776 |
Japan | 17,013 |
UK | 14,367 |
Italy | 10,701 |
Canada | 9,325 |
Russia | 8,924 |
Switzerland | 8,395 |
The Knight Frank report expects the global millionaire and billionaire population to continue growing as well — the former more than the latter.
See also:
Diamond-studded handbags and Pink Floyd guitars — here’s what the world’s super rich are buying at auctions
If you want to be rich, watch where the super-rich are investing