India’s demi-billionaires are set to grow by 70%
- A report by
Knight Frank, an estate agency and consultancy, found that the number of demi-billionairesin Indiais set to grow by 70% between 2017 and 2020.
- The growth is projected taking India’s economic growth and increasing asset prices.
- A previous report by New World Wealth also found that India’s millionaires are expected to grow by 190%.
A demi-billionaire is basically anyone with the net worth of over $500 million but under a billion.
The expected increase of high net worth individuals in India will overtake the number demi-billionaires in developed nations like France, the UK and Russia. But, then again the former two countries don’t have populations that are proportionate for a comparison.
The growth of India’s demi-billionaires rests on the back of the country’s economic growth and increasing asset prices. The underlying assumption is that there is a huge potential for demand and price growth that is yet to be exploited going forward.
It should be remembered that last year a report by Capgemini found that India was home to the fourth largest population on millionaires in Asia. And, New World Wealth expects that there will be around 950,000 millionaires in India by 2027, which is a 190% mark-up from the 330,000 in 2017.
Leading the pack is the United States with their demi-billionaires set to grow to 2,500 by 2020, up from 1,830 individuals in 2017. That being said, the number of demi-billionaires in Asia is expected to grow to 3,000 people exceeding the number expected from North America for the very first time.
All over the globe there are currently 6,900 demi-billionaires. By 2020, the report states that that the number will increase to 9,570.