Smiling businessman with laptop and credit card in a restaurant in the evening Pixelfit | E+ | Getty Images India is expected to see the fastest growth in ultra high net worth individuals globally over the next few years, according to consultancy Knight Frank . Earlier this year, India's financial center, Mumbai, overtook Beijing to become Asia's leading billionaire hub . Globally, the city ranks third on billionaire count, after New York and London.
India's ultra-wealthy population — people with a net worth of at least $30 million — rose 6.1% to 13,263 in 2023 from the prior year. This number is expected to surge 50.
1% by 2028, marking the fastest growth in UHNWIs in the world, according to Knight Frank. So, where are India's growing ultra-rich investing their wealth? High-end real estate About 30% of India's UHNWI investments go into luxury real estate, including overseas projects, said Alok Saigal, president of wealth management firm Nuvama Private. People have moved away from investing in land as it is less liquid, and more wealth has been allocated to residential real estate since the pandemic, he added.
On average, an UHNW Indian owns more than two homes, and around 12% of India's super rich plan to buy a new house in 2024, data from the Knight Frank's wealth report showed. Offshore has become a fairly significant and relevant topic for Indians today. So people are looking to move some part of their assets abroad or seek global exposure.
Alok Saigal President of Nuv.