The billionaire population in India has experienced significant growth, reaching 161 individuals in 2022 compared to 145 the previous year. According to a recent report by Knight Frank, this upward trend is expected to continue, with the billionaire population projected to rise to 195 individuals by 2027.
Growth in High-Net-Worth Individuals (HNIs)
The report also highlights the increase in high-net-worth individuals (HNIs) in India. The HNI population, defined as individuals with assets valued at $1 million or more, rose to 7,97,714 in the past year, up from 7,63,674 in 2021. It is estimated that the number of HNIs will further rise to 16,57,272 by 2027.
Rise of Ultra-High-Net-Worth Individuals (UHNWIs)
The Knight Frank report reveals a decline of 7.5 percent in the number of ultra-high-net-worth individuals (UHNWIs) in India in the previous year. However, this segment is expected to rebound significantly, with a projected growth of 58.4 percent in the next five years. The UHNWI population, comprising individuals with a net worth over $30 million, is predicted to increase from 12,069 in 2022 to 19,119 individuals in 2027.
Factors Driving Wealth Creation
Several factors contribute to the rise in India’s billionaire and HNI populations. The country’s development activities, including its role as a global startup hub, have accelerated economic growth and created new opportunities for wealth creation. Sectors such as global manufacturing, infrastructure development, and technology startups are expected to propel economic momentum and contribute to the increasing number of wealthy individuals in India.
Overall, the Knight Frank report paints a positive outlook for India’s billionaire population, indicating sustained growth in the coming years. The rise in high-net-worth and ultra-high-net-worth individuals reflects the country’s economic progress and emerging opportunities in various sectors.
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