India will have more billionaires than other countries by 2023: Knight Frank
Mar 08, 2014
Source : The Times of India

 

MUMBAI: Knight Frank today released its 8th edition of the Wealth Report. This yearly issue provides a unique insight into the attitudes of ultra-high-net-worth individuals towards property, investments and spending patterns across the globe and provides an annual analysis of wealth flow and property investment around the world.

Global Key Findings:

  • Number of ultra-wealthy individuals across the world rose by 3per cent last year; and number of Ultra High Net Worth Individuals (UHNWIs) in 2023, is set to grow by nearly 30per cent over the next decade
  • New York will overtake London as the most important city for the ultra-wealthy by 2024; three of the top five most important cities by 2024 will be in Asia
  • The Wealth Report’s Prime International Residential Index (PIRI) confirms that Asian markets, led by Jakarta, experienced the biggest price growth in 2013, followed by Auckland, Bali, Christchurch and Dublin
  • Asian Cities to see the fastest growth in the number of UHNWIs individuals in the next decade surpassing the total number in North America; USA will remain dominant in terms of number of billionaires over the next 10 years, despite growth in the east.  North America will still have approximately 30per cent of the world’s HNWIs in 2022, which is down from the current 34per cent.
  • Top 5 future hotspots for investment are: Sao Paulo- Latin America; Istanbul- Middle East; Abu Dhabi-Middle East; Mumbai- Asia Pacific; Sydney- Asia Pacific

Liam Bailey, Global Head Research said: “History, location and their long-established wealth mean that London and New York’s positions look unassailable, at least for now. It is further down our leader board that the real city wars are being waged. The main battleground is Asia, where a handful of locations are slugging it out in the hope of establishing a clear lead as the region’s alpha urban hub.”

India Key Findings:

India- a booming land for the ultra-wealthy

  • India on the sixth spot in the top 10 countries for billionaires as of 2013 with 60 billionaires; expected to increase to 119 with a 98 per cent growth by 2023
  • India to experience 99 per cent growth in the number of UHNWIs UHNWI – Ultra High Net Worth Individuals over the next decade
  • The number of centa-millionaires Centa-Millionaires – one whose wealth is estimated at 100 million dollars in India expected to double over the next decade, witnessing a 99 per cent growth from 383 to 761

Most Wealthy Indian Cities:

  • The number of UHNWIs in India is expected to double over the next 10 years, rising by 126per cent in Mumbai alone and around 118per cent in Delhi, despite recent economic concerns
  • Mumbai on the 4th spot with a 10 year UHNWIs growth of 126per cent among all global cities which is expected to increase from 577 to 1,302 by 2023
  • Delhi on the 5th spot with a 10 year UHNWIs growth of 118 per cent among all global cities; which is expected to increase from 147 per cent to 321 per cent by 2023

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