In the last 10 years, the report shows, the billionaire count in India jumped almost fourfold to 78, while the global growth was just 68 per cent at 1,919.
Advertisement
The report also found that ultra high net worth individuals had increased philanthropic activities over the past 10 years and that they had become more conscious about displaying their wealth in public.
In the past decade, India’s UHNWI count rose 340 per cent to 6,020 persons, whereas global growth was 61 per cent to 187,468, the report noted.
Mumbai houses 18%: At 1,094, Mumbai has the most UHNWIs followed distantly by Delhi where the number is less than half of Mumbai – 545.
India ranks 3rd in absolute increase in UHNWI* populations over the next 10 years; after U.S. (1st) and China (2nd).
Regional managing director Europe Middle East and Africa at Wealth-X Marc Cohen said: “After years of considerable growth in the number of wealthy around the world, we are entering a period of deceleration as China’s economy slows and commodity-exporting, emerging economies are hit by lower prices and demand. 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 Samantak Das, chief economist at Knight Frank. Neighbouring Hong Kong came in third overall, followed by Los Angeles.
The number of super rich Australians has more than doubled in the last decade.
Singapore will still feature prominently in this long-term growth, as it was named the third most important global city for these wealthy individuals in 2016, behind only London and NY, while overtaking Hong Kong at the fourth place.
Financial instruments, however, remain the preferred investment asset class among wealthy Indians.
According to “Knight Frank Wealth Report 2016”, the country’s share in the total number of billionaires is also expected to rise to six per cent by 2025.
Singapore is also the joint No. 1 destination, alongside Britain, for residential property investment this year, with 79 per cent of respondents telling Knight Frank that their clients will explore real estate investment here.
Advertisement
In the last 10 years 31 per cent Indians UHNWIs increased their asset allocations to residential real estate (primary or secondary home) and the number is likely to drop to 22 per cent by 2025.
