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Published: March 2, 2022

India ranks 3rd in billionaire population globally; 145 billionaires in 2021

  • India’s UHNWI population is expected to grow by 39% over the next five years
  • India sees the 6th highest growth in number of self-made UHNWIs under the age of 40
  • India’s billionaire population grows by 24% to 145 billionaires during 2020-21
  • As per the attitude survey, 69% of Indian UHNWIs expectsmore than 10% increase in their wealth in 2022

 Mumbai, March 1, 2022:According to Knight Frank’s latest edition of The Wealth Report 2022, the number of ultra-high-net-worth-individuals (UHNWIs) has globally increased by 9.3% in 2021. Over 51,000 people have seen their net assets increased to US$30m or more. In India, the number of UHNWIs(net assets with US$ 30m or more)has grown by 11% YoY in 2021, the highest percentage growth in APAC. Equity markets and digital adoption have been key factors driving growth in the super rich category ofIndia.Around 69% of the super wealthy individuals in India is expected to witness an increase of over 10% in their networth in 2022. Asia continues to be the forerunner in the billionaires’ club contributing to 36% of the total billionaires in the world in 2021. India has ranked 3rd in terms of billionaires’ population in 2021 following US and China.

Every region across the world saw an increase in the number of UHNWIs between 2020 and 2021 – Americas (+12.2%), Russia & CIS (+11.2%), Australasia (+9.8%), Middle East (+8.8%), Latin America (+7.6%), Europe (+7.4%) and Asia (+7.2%) – except for Africa, where the UHNWI population declined by 0.8%.

Wealth surge in the UHNWI population

UHNWIs 2020 – 21 2016-21 2021-26
World 9.3% 75.3% 28.4%
Asia 7.2% 99.5% 32.7%
India 11% 84% 39%

Source: Knight Frank Wealth Sizing Model

Amongst key Indian cities, Bengaluru witnessed highest growth in the number of UHNWIs with 17.1% to 352 followed by Delhiwith 12.4% to 210 and Mumbaiwith 9% to1596 in 2021.

Wealth surge in the UHNWI population in India

UHNWIs 2020 – 21 2016-21 2021-26
Bengaluru 17.1% 22.7% 88.9%
Delhi 12.4% 101.2% 50%
Mumbai 9% 42.6% 29.6%

Source: Knight Frank Wealth Sizing Model

Shishir Baijal, Chairman and Managing Director, Knight Frank India says,“Equity markets and digital adoption have been the key factors driving the growth of UHNWIs in India.The growth in younger, self-made UHNWIs has been incredible in India and we foresee them to drive new investment themes and innovation. With a healthy growth in the UHNWI and Billionaire population, India is expected to be one of the fastest growing countries amongst its global peers, further strengthening itself economically and emerging as a superpower in different sectors.”

Top 5 countries with most number of billionaires in 2021

Billionaires 2021 2020-21 2016-21
US 748 15% 38%
Chinese mainland 554 32% 121%
India 145 24% 69%
Germany 136 14% 13%
Russia 121 20% 53%

Source: Knight Frank Wealth Sizing Model

What’s Next?

For the first time, Knight Frank has examined the size of the ‘next generation’ of the world’s UHNWI population and assesses what that could mean for the property markets. Globally, it is estimated that 135,192 UHNWIs are self- made and under the age of 40, accounting for around a fifth of the total UHNWIpopulation.India has ranked 6thin percentage growth of the UHNWI population that is self-made and under the age of 40 years.

Percentage of self-made UHNWIs under the age of 40in 2021

Country Percentage
Philippines 49%
Russia 45%
Hong Kong SAR 30%
Chinese Mainland 29%
Kenya 27%
India 27%

Source: Knight Frank Wealth Attitudes Survey

 Over the next five years, Knight Frank forecasts that the global UHNWIs population will grow by a further 28%, with Asia and Australasia(+33% each) seeing the largest growth, followed by North America (+28%) and Latin America (+26%). The number of UHNWI population in India is expected to grow by 39%between 2021- 2026,with 19,006 people expecting to have net assets of US$30m or moreby 2026.

In the last 5 years for the major markets, Delhi has witnessed an increase of 101.2% followed by Mumbai (+42.6%) and Bengaluru (+22.7%). However, in the next 5 years, Bengaluru is projected to witness an increase of 89% of the UHNWI population and become home to665ultra-wealthy individuals by 2026.

Liam Bailey, Global Head of Research at Knight Frank says: “The growth in younger self-made UHNWIs (22% of the total) will drive new investment themes and innovation in the near-term. However, with 83% of our Attitude Survey respondents expecting wealth to rise in 2022, and our expectation of a further 28% growth in global UHNWIs by 2026, policy responses to tackle inequality are on the rise. Expect more wealth taxation, focused on assets rather than income, and a narrowing in the number of low-tax-jurisdictions.” 

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