The number of ultra-high-net worth-individuals, having net assets of $30 million (about Rs 226 crore) or more, in India increased 11 per cent last year on the back of buoyant equity markets and digital revolution, according to Knight Frank.
India also ranked third in billionaire population globally in 2021. US is number one with with 748 billionaires, followed by Chinese mainland at 554 billionaires and India with 145 billionaires.
In its latest edition of The Wealth Report 2022, property consultant Knight Frank said the number of ultra-high-net-worth-individuals (UHNWIs) globally increased by 9.3 per cent in 2021 to 6,10,569, from 5,58,828 in the previous year.
"In India, the number of UHNWIs (net assets with $30 million or more) has grown by 11 per cent YoY (year-on-year) in 2021, the highest percentage growth in APAC," Knight Frank said in a statement.
The number of UHNWIs in India grew to 13,637 in 2021 from 12,287 in the previous year.
Amongst key Indian cities, Bengaluru witnessed the highest growth in the number of UHNWIs at 17.1 per cent to 352, followed by Delhi (12.4 per cent, 210) and Mumbai (9 per cent, 1,596).
The consultant has pegged the number of UHNWIs growing 39 per cent by 2026 to 19,006 from 13,637 in 2021. In 2016, the number of UHNWIs stood at 7,401.
Knight Frank India Chairman and Managing Director Shishir Baijal said: "Equity markets and digital adoption have been the key factors driving the growth of UHNWIs in India. The growth in younger, self-made UHNWIs has been incredible in India and we foresee them to drive new investment themes and innovation." With a healthy growth in the UHNWI and billionaire population, he said India is expected to be one of the fastest growing countries amongst its global peers, further strengthening itself economically and emerging as a superpower in different sectors.
As per the report, around 69 per cent of the super wealthy individuals in India are expected to witness an increase of over 10 per cent in their net worth in 2022.
"Asia continues to be the forerunner in the billionaires' club contributing to 36 per cent of the total billionaires in the world in 2021. India has ranked 3rd in terms of billionaires' population in 2021 following US and China," the statement said.
For the first time, Knight Frank has examined the size of the ‘next generation' of the world's UHNWI population and assesses what that could mean for the property markets.
"Globally, it is estimated that 135,192 UHNWIs are self-made and under the age of 40, accounting for around a fifth of the total UHNWI population. India has ranked 6th in percentage growth of the UHNWI population that is self-made and under the age of 40 years," it said.
Over the next five years, Knight Frank forecasts that the global UHNWIs population will grow by a further 28 per cent, with Asia and Australasia at 33 per cent each seeing the largest growth, followed by North America (28 per cent) and Latin America (26 per cent).
"The number of UHNWI population in India is expected to grow by 39 per cent between 2021- 2026, with 19,006 people expecting to have net assets of $30 million or more by 2026," the consultant said.
In the last 5 years for the major markets, Delhi has witnessed an increase of 101.2 per cent, followed by Mumbai (42.6 per cent) and Bengaluru (22.7 per cent).
However, in the next 5 years, Bengaluru is projected to witness an increase of 89 per cent in the UHNWI population and become home to 665 ultra-wealthy individuals by 2026.