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India’s UHNWI population to grow by 73% over the next five years: Knight Frank Wealth Report 2020
- Asia to outperform over the next five years with the number of ultra-high-net-worth individuals set to increase by 44%, America home to most number of UHNWIs
- India ranks 12th in global ultra-wealthy population
Mumbai, March 05, 2020 – Despite rising geopolitical tensions, slow growth forecasts and uncertainty remaining the norm in 2019, 51% of the Ultra-wealthy Indians experienced an increase in their fortune. According to Knight Frank’s Wealth Report 2020, the number of UHNWIs (net-worth USD 30m+)* in India is predicted to grow by a whopping 73% in the next five years, almost doubling the count to 10,354 from 5,986 in 2019.
The growth in India’s Ultra – Wealthy is expected to be on the back of the growth prediction of the economy with GDP touted to reach the 7% mark by 2022. Despite the current slowdown in the economy, global economic pundits see strong long-term economic growth. Knight Frank also predicts that by 2024, Asia will be the world’s second largest wealth hub outperforming Europe, with a five-year growth forecast of 44%. However, even after such a steep rise, it will reach only half the size of North America’s UHNWI population, which is predicted to increase by 22% over the same period.
Shishir Baijal, Chairman & Managing Director, Knight Frank India said“India’s economic advantage is its large and growing consumer base, which helps in general wealth creation. As India enters the 30th year of its liberal economic and trade policy since 1991, the country has also become an important market for global products and services. It appeared at some point in time that India was skipping the ‘manufacturing generation’ of economic growth moving straight to services, we now see the country rising in favour as a manufacturing destination for global corporations.
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