Mumbai and Delhi slated to move up to ranks 14 and 29 respectively by 2025
Knight Frank today released its 10th edition of the Wealth Report. This yearly issue provides a unique insight into the attitudes of ultra-high-net-worth individuals (UHNWIs) towards property, investments and spending patterns across the globe and provides an annual analysis of wealth flow and property investment around the world.
KEY TAKEAWAYS – INDIA
· In the last 10 years, billionaire counts in India jumped by 333% to 78 people; global growth was just 68% to 1,919 people
· In the last 10 years, UHNWI count in India rose by 340% to 6,020 people; global growth was just 61% to 1,87,468 people
· India to account for 5% of the total UHNWI population and 6% of the billionaire population across the world by 2025
· India ranks 3rd in absolute increase in UHNWI* populations over the next 10 years; after US (1st) and China (2nd)
· Out of 97 cities globally, Mumbai and Delhi currently ranked at 21 and 33 respectively; slated to move up to ranks 14 and 29 respectively by 2025
· Currently, with 1,094 UHNWIs, Mumbai leads in India followed by Delhi with 545. The next decade will see Mumbai increase to 2243 and Delhi to 1128 UHNWIs
· Average number of residential properties owned by wealthy Indians stands at 4; highest in the world – the global average stands at 3.7
· Fine arts and antiques have replaced watches; while jewellery continues to be the most preferred collectible investments followed by cars & bikes
· In the last 10 years 31% Indians UHNWIs increased their asset allocations to residential real estate (primary or secondary home) and the number is likely to drop to 22% by 2025
· Indian UHNWIs saw an increase of 78% in philanthropic activities in the past 10 years and the number will be around 94% over the next 10 years (by 2025)
· 78% of women in India have taken a more significant role in managing family wealth as against 82% globally
· Around 91% of UHNWIs in India are involving their children in their business at an early age as compared to 73% globally
· Bengaluru among top 20 cities globally for investment according to Prime Investment Residential Index (PIRI); Delhi and Mumbai rank 44 & 51 respectively in the list
