The Wealth Report 2024: India’s Ultra-high Net Worth Individuals on the Rise
The number of Ultra-high Net Worth Individuals (UHNWIs) in India has been steadily increasing, reflecting the country’s growing prosperity. According to Knight Frank’s ‘The Wealth Report 2024,’ released in a virtual press conference, India saw a 6.1% growth in UHNWIs to reach 13,263 in 2023 from 12,495 individuals the previous year.
Defined as individuals with a net worth of USD 30 million and above, UHNWIs are playing a significant role in shaping India’s economic landscape. Knight Frank predicts that this trend will continue, with the number of UHNWIs expected to expand to 19,908 by 2028, marking a substantial increase over the next few years.
Growth Outlook
Shishir Baijal, chairman and MD of Knight Frank India, emphasized India’s transformative wealth creation era, stating, “India stands as a testament to thriving prosperity and burgeoning opportunities in the global economic spectrum.” He highlighted a remarkable surge in India’s UHNWI population, projecting a growth of 50.1% within the next five years.
According to Knight Frank’s report, 90% of Indian UHNWIs anticipate a rise in their wealth in 2024, with 63% expecting a significant increase of more than 10%. This positive outlook reflects the vibrant and dynamic landscape of affluence in India.
Global Trends
The report also sheds light on global trends, indicating a 28.1% increase in wealthy individuals worldwide to 8,02,891 by 2028. In 2023 alone, the number of UHNWIs globally rose by 4.2% to 6,26,619 from 6,01,300 the previous year, marking a significant rebound from the decline witnessed in 2022.
Among various countries, Turkey leads Knight Frank’s rankings with a 9.7% year-on-year expansion in UHNWI numbers, followed by the US (7.9%), India (6.1%), South Korea (5.6%), and Switzerland (5.2%). Liam Bailey, global head of research at Knight Frank, highlighted the increasing mobility of wealth and its potential impact on high-growth markets.
Outside Asia, strong growth is observed in the Middle East, Australasia, and North America, while Europe lags behind. Africa and Latin America are likely to be the weakest regions in terms of wealth growth.
Conclusion
The Wealth Report 2024 provides valuable insights into the evolving landscape of wealth creation, both in India and globally. With India poised for significant growth in UHNWIs, it underscores the country’s position as a key player in the global economy.
| Country | Year-on-Year Growth |
|---|---|
| Turkey | 9.7% |
| US | 7.9% |
| India | 6.1% |
| South Korea | 5.6% |
| Switzerland | 5.2% |
As we navigate through the uncertainties of the global economy, the rise of UHNWIs in India signifies not only wealth creation but also the potential for greater economic opportunities and prosperity in the years to come.