Rich Getting Richer? India Expected To Have 7,000 New Ultra Rich Individuals By 2027, Reveals Report
The number of ultra-high-net-worth individuals in India, i.e., those having a net worth of over USD 30 million, fell 7.5 percent last year to 12,069 but will rise to 19,119 in the next five years, according to Knight Frank.
Earlier this year, Oxfam India's research revealed that India's richest 21 billionaires have more wealth than 700 million Indians.
And now, another report has come out that is signalling a further widening of the rich-poor divide in the country. In the next four years, the number of billionaires, high-net-worth individuals, and ultra-high-net-worth individuals in India will all rise significantly by 2027.
What "The Wealth Report 2023" Says
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Ultra-high net worth individuals, i.e., those having a net worth of over $30 million or more, will rise 58.4% from 12,069 (2022) to 19,119 in 2027, according to real estate consultant Knight Frank¡¯s recently released ¡®The Wealth Report 2023¡¯. So, more than 7,000 individuals will be added to the ultra-high net worth list of Indians.
India¡¯s billionaire population too, which rose to 161 in 2022 from 145 in 2021, is estimated to rise to 195 individuals by 2027, implying 34 new billionaires in the next four years.
The Indian high-net-worth individual (HNI) population, i.e., those with an asset value of $1 million or more, will jump by 8,59,558, i.e. from 7,97,714 (2022) to 16,57,272 by 2027.
Also Read: 5 Indian Cities Make It To The List Of World's Wealthiest Cities 2023
How The Rich Fared Last Year
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In 2022, the global population of UHNWIs declined by 3.8 percent after a record climb of 9.3 percent in 2021, as the wealth and investment portfolio of the ultra-rich were impacted by economic slowdowns, frequent rate hikes, and rising geopolitical uncertainties.
The trend was noted in India too, where the UHNWI population registered a decline of 7.5 percent year-on-year (YoY) in 2022 over 2021, the report said, as per PTI.
For India, besides the rise in interest rates due to back-to-back repo rate hikes by the RBI, the appreciation of the US dollar vs. the rupee also impacted the growth of wealth for the rich.
However, India's HNI population remained on a growth path, registering a YoY growth of 4.5 percent in 2022, and the country¡¯s billionaire population rose by 11 percent YoY in 2022 compared to the previous year.
Also Read: India To Have 16.32 Lakh Dollar Millionaires By 2026
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