India’s commercial capital, Mumbai, reported the highest number of 1,596 ultrahigh net worth individuals (UHNWIs, or people with net worth of $30 million and above) in the country in 2021.
The UHNWI population in the city is expected to increase by 29.6 per cent to 2,069 by 2026. In the last five years, Mumbai’s ultra-rich population has grown by 42.6 per cent from 1,119 in 2016 to 1,596 in 2021, according to Knight Frank’s The Wealth Report 2022.
Amongst key Indian cities, Bengaluru witnessed highest growth in the number of UHNWIs (17.1 per cent rise to 352), followed by Delhi (12.4 per cent to 210) and Mumbai (9 per cent to 1,596) in 2021.
According to Knight Frank, in India, the number of UHNWIs has grown by 11 per cent year-on-year in 2021, the highest percentage growth in Asia Pacific (APAC). Equity markets and digital adoption have been key factors driving growth in the super rich category of India. Around 69 per cent of the super wealthy individuals in India is expected to witness an increase of over 10 per cent in their net worth in 2022.
Asia continues to be the forerunner in the billionaires’ club, contributing to 36 per cent of the total billionaires in the world in 2021. India has ranked third in terms of billionaires’ population in 2021 following US and China, it said.
Shishir Baijal, chairman and MD, Knight Frank India, said, “Equity markets and digital adoption have been the key factors driving the growth of UHNWIs in India. The growth in younger, self-made UHNWIs has been incredible in India and we foresee them to drive new investment themes and innovation.”
“With a healthy growth in the UHNWI and billionaire population, India is expected to be one of the fastest growing countries amongst its global peers, further strengthening itself economically and emerging as a superpower in different sectors,” he said.
Delhi has witnessed an increase of 101.2 per cent, followed by Mumbai (42.6 per cent) and Bengaluru (22.7 per cent) in the last five years. However, in the next five years, Bengaluru is projected to witness an increase of 89 per cent of the UHNWI population and become home to 665 ultra-wealthy individuals by 2026.