Number of ultra-high-net-worth individuals in India, having net worth of over USD 30 million, fell 7.5 per cent last year to 12,069 but will rise to 19,119 in the next five years, according to Knight Frank.
India's billionaire population rose to 161 in 2022 from 145 in the previous year and is estimated to rise to 195 individuals by 2027.
Real estate consultant Knight Frank's on Wednesday released 'The Wealth Report 2023'.
"India's ultra-high-net-worth individuals (UHNWI) with net worth over USD 30 million is estimated to rise by 58.4 per cent in the next five years from 12,069 in 2022 to 19,119 individuals in 2027," the consultant said.
The Indian high-net-worth individual (HNI) population, with asset value of USD 1 million and more, increased to 7,97,714 last year from 7,63,674 in 2021.
The number of HNIs will rise to 16,57,272 by 2027.
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In 2022, the global population of UHNWIs declined by 3.8 per cent, after a record climb of 9.3 per cent in 2021, as the wealth and the investment portfolio of the ultra-wealthy were impacted by economic slowdowns, frequent rate hikes and rising geopolitical uncertainties.
The trend was noted in India too, where the UHNWI population registered a decline of 7.5 per cent Year-on-Year (YoY) in 2022 over 2021, the consultant said.
For India, apart from the rise in interest rates, the appreciation of the US dollar also impacted the growth of wealth.
However, the HNI population remained on a growth path registering a YoY growth of 4.5 per cent in 2022 and the country's billionaire population rose by 11 per cent YoY in 2022 compared to the previous year.
"India's hectic development activities in core and non-core sectors has helped accelerate economic growth in the recent times. Aligned to that is India's significant position as a global startup hub creating new wealth," Shishir Baijal, Chairman and Managing Director of Knight Frank India, said.
The new opportunities emanating from sectors like global manufacturing in India, infrastructure development, technology startups etc. will propel economic momentum and help the cause of wealth creation in the country, leading to the rise in the number of wealthy individuals in India, he added.
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