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India is home to the wealthy and the number of high net worth individuals (HNIs) is rising in the country. According to a Knight Frank Global Wealth report, India added 500 new ultra high net worth individuals (UNHWI) in the last decade.
The ‘Richie Rich’ of the country are growing in numbers and it is expected that every year there will be an addition of new 1,000 ultra high net worth individuals, the report stated. It added that in the last 10 years, the number of ultra high net worth individuals in India increased by a whopping 290 percent.
Over the next decade, the Indian wealth creators will accelerate and move the country high up to the third rank from sixth in 2016. India saw a 12 percent increase in the growth of UHNWIs with net worth exceeding USD 30 million. And, in the next 10 years (2016-2026), the percentage is expected to increase to 150, the report said.
Two percent, or 264,300, of the overall world’s millionaires and 5 percent of billionaires reside in India.
The wealthy that dwell in the Indian cities are also rising in numbers with Pune seeing an 18 percent rise, Hyderabad and Bengaluru both 15 percent and Mumbai 12 percent, according to Knight Frank Global.
Globally, Mumbai ranks eleventh out of 40 international cities in terms of future wealth accumulation, leading the likes of Chicago, Sydney, Paris, Seoul and Dubai.In comparison to Indian cities, Mumbai tops the ultra-rich list with 1,340 individuals, followed by Delhi (680), Kolkata (280) and Hyderabad (260).On city wealth index, Mumbai ranks 21 ahead of Toronto, Washington DC and Moscow, while Delhi comes in at 35.
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