- Knight Frank estimates that India’s ultra-wealthy population will rise by 58.4% over the next five years.
- India’s ultra-rich are those who have fortunes estimated at more than $30m.
- India’s development of core and non-core industries has created unprecedented potential for economic growth.
Knight Frank’s recent ‘Wealth Report 2023’ predicts that India’s population of ultra-high net-worth individuals (UHNWIs) – those with a fortune of over $30m – will increase from 12,069 in 2022 to 19,119 in 2027.
The number of India’s high net-worth individuals (HNWIs) with assets valued at $1m or more is predicted to increase by 107% over the next five years, rising from 797,714 in 2022 to 1.65 million in 2027.
In the next five years, Asia is forecast to experience a 40% increase in its UHNWI population, with a projected 210,175 UHNWIs by 2027. This growth ranks Asia’s population of UHNWIs in second place behind the US, overtaking Europe.
India’s billionaire population is anticipated to increase from 161 in 2022 to 195 in 2027. The forecast of HNW Europeans moving to Asia has aided these predictions.
Shishir Baijal, chairman and managing director of Knight Frank India, declared that the fast-paced development in India’s core and non-core industries had recently stimulated economic growth.
UK HNWIs looking to invest in India’s rapidly growing economy must have access to a secure online money transfer service.
HNWIs looking to India as a worthy investment opportunity should consider the various methods of money transfer when making international transactions.
In 2022, despite the UHNWI global population decreasing, the Middle East UHNWI population continued to increase, with a growth rate of 16.9%.
The UAE had the highest growth rate for UHNWIs, with an 18.1% increase, resulting in 1,116 UHNWIs. Saudi Arabia followed close behind with a 10.4% annual growth rate.
However, the global count of HNWIs possessing $1m or more in net assets increased by 2.9%, reaching nearly 70 million people. Malaysia, Brazil and Indonesia saw the highest HNWI growth.
HNWIs and UHNWIs looking to invest in Asian real estate overseas can use our online money transfer comparison tool to compare foreign exchange rates
