According to “Knight Frank Wealth Report 2016”, the country’s share in the total number of billionaires is also expected to rise to six percent by 2025.
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Indian seems to be getting wealthier with the billionaire count in India jumping 333 per cent to 78 people over the last ten years, according to a Knight Frank Global Wealth report 2016.
Nonetheless, China is still expected to be home to most super-rich people in Asia with a 75% growth in its UHNWI population forecast over the next 10 years, ahead of Japan, South Korea and Singapore. Currently, with 1,094 UHNWIs, Mumbai leads in India followed by Delhi with 545.
Indians are getting wealthier and the growth in number billionaires is outpacing even the global average. The drop here was part of the 3 per cent global decline in the number of ultra rich previous year, with a 2 per cent fall in both North America and Europe and 3 per cent in Asia. “Going forward, Mumbai will continue to maintain its number one position but the rate of growth in UHNWI population will be marginally higher in New Delhi than in Mumbai”, said Mr Das.
Dubai became a global hub in recent years, with Dubai International Airport being named as the world’s busiest airport after overtaking London’s Heathrow in passenger numbers.
Knight Frank Australia chief executive Stephen Ellis said the source of wealth for Australia’s top earners has changed over time, with the super rich investing in technology, healthcare and pharmaceuticals, and the property sector.
Residential realty loosing sheen: Average number of residential properties owned by wealthy Indians stands at 4.
Out of 97 cities globally, Mumbai and Delhi now ranked at 21 and 33 respectively; slated to move up to ranks 14 and 29 respectively by 2025. On the whole, the wealthy Indians prefer commercial realty over residential segment.
The firm’s data back up this claim, noting a 49 percent increase in the number of survey respondents that said their clients’ allocation to property had increased over the past 10 years. Meanwhile, Bengaluru is among top 20 cities globally for investment according to Prime Investment Residential Index, with Delhi and Mumbai ranked 44 and 51 in the list.
The report pointed out that fine arts and antiques have replaced watches, while jewellery continues to be the most preferred collectible investment, followed by cars and bikes.
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He, however, said financial instruments remain the preferred investment asset class among wealthy Indians.
