India to see highest rise in number of ultra-rich in 5 years: Knight Frank
- IBEF
- February 29, 2024
Knight Frank's "The Wealth Report 2024" reveals India's anticipated surge in ultra-high net worth individuals (UHNWIs), projecting a remarkable 50.1% increase from 13,263 in 2023 to 19,908 by 2028. This growth is expected to outpace other nations, with China following at 47% and Malaysia at 35%. Global head of research at Knight Frank, Mr. Liam Bailey, attributes India's promising trajectory to its robust Gross Domestic Product (GDP) outlook and the significant contributions of its expansive diaspora, fostering innovation and strong international connectivity.
The report underscores that Asia will lead the global increase in ultra-rich individuals, with a projected rise of 38.3% in the next five years, surpassing the global average of 28.1%. He notes that Asia's economic prominence over the past 15-20 years positions it as a standout region, with the world economy's center of gravity shifting toward Asia. Anticipating West Asia and North America to follow suit in generating ultra-rich individuals by 2028, the report concludes that, in 2023, India experienced a 6.1% annual rise in UHNWI population, surpassing the global increase of 4.2% to reach 626,619 individuals. The ultra-rich Indians are optimistic about their wealth growth in 2024.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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