MUMBAI: India is expected to account for five per cent of the total ultra high net worth individuals (UHNWIs) in the world by 2025, a study said.
According to ‘Knight Frank Wealth Report 2016’, the country’s share in the total number of billionaires is also expected to rise to six per cent by 2025.
In the last 10 years, the billionaire count in India jumped nearly fourfold to 78, while the global growth was just 68 per cent at 1,919.
Similarly, UHNWI count over the period rose by 340 per cent to 6,020 people, compared to the global growth of 61 per cent at 1,87,468.
In 2005, India’s share of world’s UHNWI population stood at 1 per cent.
“Looking at the past numbers, we believe by 2025, India will account for 6 per cent of global billionaire population and 5 per cent of UHNWI population,” Knight Frank India Chief Economist and National Director – Research, Samantak Das, said.
According to the report, India ranks third in the projected absolute increase in UHNWI population over the next 10 years after China, with the US topping the list.
“Even though the rate of growth in the number of Indian UHNWIs over the next 10 years in India will slow down, it will still be much higher than the global average,” Das said.
Out of 97 cities globally, Mumbai and Delhi, currently ranked 21 and 33, are slated to move up to 14 and 29 positions respectively by 2025, the report said.
Currently, with 1,094 UHNWIs, Mumbai leads in India, followed by Delhi with 545. The next decade is expected to see Mumbai’s UHNWIs increase to 2,243, while Delhi’s count will stand at 1,128.
“Going forward, Mumbai will continue to maintain its number one position, but the rate of growth in UHNWI population will be marginally higher in New Delhi than in Mumbai,” Das said.