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India’s ultra-rich population to grow by 63% over next five years, second-fastest globally: Knight Frank Wealth Report 2021

India’s billionaire count to increase from 113 in 2020 to 162 by 2025; Cities with the highest concentration include Mumbai’s with 920 billionaires, Delhi 375 and Bengaluru at 238

There are currently 521,653 ultra-high networth individuals (UHNWIs) globally of which India comprises 6,884 such individuals. The number of UHNWIs, those with $30 million or more, around the world is predicted to grow by 27% between 2020-25 taking this population to 663,483, Knight Frank, an international property consultancy, said in its The Wealth Report 2021.

India is expected to see a growth of 63% by 2025, making it the second-fastest-growing country in terms of the number of UHNWIs. The number of UHNWIs in India is expected to grow by 63% in the next five years to 11,198 in 2025.

From the perspective of Indian cities being home to the wealthy, Mumbai, Delhi and Bengaluru have a high concentration of wealth with 920, 375 and 238 UHNWIs respectively.

Knight Frank report predicts that in the regional context, Asia is likely to see the highest rise in the number of UHNWIs with an estimated growth of 39%. This will be led by Indonesia (67%) and India (63%).

The objective of The Wealth Report is to assess how the fortunes of UHNWIs are changing, where they spend time, what they invest in and what they are likely to do next.


Whilst Indonesia boasts of a 67% growth in its UHNWI population during this period, which is the highest globally, India’s UHNWI population will be 10 times that of Indonesia, the report said.

There are around 3.5 lakh HNWIs, 6,884 UHNWIs and 113 billionaires in India, the report said.

According to the respondents of The Wealth Report Attitudes Survey, part of the upcoming The Wealth Report 2021, 91% of Indian UHNWIs expect to see an increase in their wealth in 2021. The expected rapid growth of the ultra-wealthy population in India is much faster compared to the global average of 27% and Asia average of 39%.


The billionaires club in India is expected to increase significantly by 43% to 162 by 2025 from the current 113 in 2020. The growth has outpaced the global average growth of 24% and Asia average of 38% during this period, the report said.

“With the economic operability reaching high levels of its efficiency post the pandemic, India will be striding to make an entry into the $5-trillion club in the next few years. India is expected to further strengthen economically and gain a formidable position as an Asian superpower paving an ecosystem for the rise of new sunrise sectors. The new economic opportunities will help bring lucrative wealth creation assets which will add new wealthy individuals in the country,” said Shishir Baijal, chairman and managing director, Knight Frank India.

“It should also be noted that the pool of UHNI’s has reduced by 1.6% in 2019-2020 mainly due to the sharp contraction in India’s GDP in the pandemic year. India also had a large number of small and medium scale companies that were impacted by the pandemic and this also led to the reduction in the pool of HNIs. This year we are expecting a growth in the services sector which in turn will fuel the number of wealthy in India,” said Rajani Sinha, chief economist and national director, research, Knight Frank India.

The Wealth Report 2021 studies the depth of pockets needed to join the wealthiest 1% in selected countries and territories. According to the study, the level of net wealth that marks the threshold for entering this rarefied community varies widely among different countries and territories.

In Monaco, which has the world’s densest population of the super-rich, the entry point for the principality’s branch of the 1% club is $7.9 million. At the second place comes the home of the private banks, Switzerland, where $5.1 million gains you access to the 1% club, followed by the USA, where $4.4 million is your ticket to the top 1%. In the Asia region, Singapore has the highest entry threshold with $2.9 million needed to join this elite top 1% club.

The entry point for India in the 1% wealthy club is $ 60,000. Knight Frank’s wealth forecasts predict India’s threshold to almost double in the next five years.

“Asia is the key wealth story. The US is, and will remain, the world’s dominant wealth hub over our forecast period, but Asia will see the fastest growth in UHNWIs over the next five years, 39% compared to the 27% global average. By 2025, Asia will host 24% of all UHNWIs, up from 17% a decade earlier. The region is already home to more billionaires than any other (36% of the global total). China is the key to this phenomenon with 246% forecast growth in UHNWI residents in the decade to 2025,” said Liam Bailey, global head of research at Knight Frank.

The Knight Frank City Wealth Index 2021 was also released. London, New York and Paris retained the top three slots. In India, Mumbai is ranked 64, Delhi is ranked 83 and Bengaluru is ranked 87.

The Index ranks the 100 global cities in terms of wealth, investment and lifestyle.

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Vandana Ramnani
first published: Feb 24, 2021 02:41 pm
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