Ultra-rich base swells 6% in 2023

New Delhi: The number of Ultra-high Net Worth Individuals in India increased 6 per cent annually to 13,263 last year on rising prosperity and the number of affluents would grow further to reach nearly 20,000 by 2028, according to Knight Frank. Ultra-high Net Worth Individuals (UHNWIs) are defined as individuals having a net worth of $30 million and above. In a virtual press conference on Wednesday, real estate consultant Knight Frank India released ‘The Wealth Report 2024’ saying that the number of UHNWIs in India grew 6.1 per cent to 13,263 in 2023 as against 12,495 individuals in the previous year. The number of UHNWIs in India is expected to expand to 19,908 by 2028 from 13,263 in 2023.

Knight Frank India Chairman and Managing Director Shishir Baijal said “In a transformative era of wealth creation, India stands as a testament to thriving prosperity and burgeoning opportunities in the global economic spectrum. A remarkable surge in its UHNWI population, catapulting by 50.1 per cent within the next five years is an indication of this phenomenon.”

As per Knight Frank’s report, 90 per cent of Indian UHNWIs are expecting to witness an increase in their wealth during the year 2024. Almost 63 per cent are expecting to witness a significant increase of more than 10 per cent in their wealth value. “With 90 per cent of Indian UHNWIs envisioning a surge in their fortunes in 2024, the landscape of affluence is vibrant,”Baijal said.