India Ranks 6th in Growth of Rich Persons

IAS Prelims 2023

According to Wealth Report 2017, India ranks sixth in terms of growth rate of ultra high net worth individuals (UHNWI) for 2016.

Wealth Report 2017 was launched by the global property consultancy firm Knight Frank.

Wealth Report tracks the growing super-rich population in 125 cities across 89 countries.

India has 2 per cent of world’s millionaires (13.6 million) and 5 per cent of 2,024 billionaires across the world.

India has witnessed a 12 per cent increase in UHNWI between 2015 and 2016 and is expected to grow at 150 per cent in the next decade.

In the last 10 years, India saw addition of around 500 UHNWI annually and over the next decade the number is expected to reach 1,000.

In India, Mumbai has the highest UHNWI at 1,340, followed by Delhi at 680, Kolkata at 280 and Hyderabad at 260.

Indian cities that saw a rise in UHNWI in 2016 compared to 2015 include Pune that grew by 18 per cent, Hyderabad and Bengaluru at 15 per cent each and Mumbai at 12 per cent.

Bengaluru was ranked as one of the top seven hotspots around the world that present exciting opportunities for private property investors in 2017.

In terms of the most expensive prime residential, Mumbai climbed up to rank 15 from 18 last year, ahead of Istanbul, Melbourne and Dubai. The city also ranks 21 in the city wealth index ahead of Toronto, Washington DC and Moscow and Delhi ranks 35 ahead of Bangkok, Seattle and Jakarta.