As of 2022, there are 797,714 high-net-worth individuals in India, classified as those with assets worth $1 million or more. According to a Knight Frank analysis, the number of such people will more than double in the next five years, increasing by 108% to 1.7 million.
The number of ultra-high-net-worth people (UHNWIs) in India is expected to increase by 58.4% from 12,069 in 2022 to 19,119 in 2027. The number of billionaires in India is anticipated to rise from 161 to 195 by 2027, according to Knight Frank’s ‘The Wealth Report 2023’.
All about the India’s HNWI!
Additionally, India now has new chances coming from industries like infrastructural improvement, technological startups, and global manufacturing in the country. Baijal predicts that this will boost economic growth and advance the cause of wealth creation in the nation, increasing the proportion of wealthy people in India.
While the overall number of HNIs and billionaires in India climbed in 2022 compared to the previous year, UHNIs declined by 7.5%, following the global trend. The global UHNI population dropped by 3.8% in 2022 after experiencing an unheard-of increase of 9.3% in 2021. This has happened as a result of the strong economic recovery in 2021 and its quick reverse in 2022. The overall wealth held by UHNIs is also expected to decrease by 10% in 2022.
In spite of the reduction, the UHNI population grew by 44% globally in the five years before 2022. While the population of UHNIs fell, the overall number of high-net-worth individuals climbed by 2.9% to reach roughly 70 million globally last year. Only the region of Europe experienced a decrease in HNIs. There are currently 2,629 billionaires, a 5% decline from the previous year. The data shows that over the first four months of 2023, there has been an increase in the probability of future wealth development.
