NEW DELHI: Number of High Net Worth Individuals (HNWI), having wealth of over $1 million, and Ultra High Net Worth Individuals (UHNWI), with wealth of more than $30 million, declined by 8% and 2% to 3.5 lakh and 6,884 respectively in 2020 due to Covid-19.
However, number of billionaires has increased to 113 in 2020 from 104 in 2019, said international property consultancy firm Knight Frank in its ‘The Wealth Report 2021’. The billionaire club in India is also expected to increase by 43% to 162 by 2025.
The growth will outpace global average growth of 24% and Asian average of 38% during this period. The report projected that the number of HNWI is likely to increase by 75% to 6.1 lakh by 2025.
The number of UHNWI is likely to rise by 63% to 11,198 by 2025, the report said. Mumbai, Delhi and Bengaluru have high concentration of wealth with 920, 375 and 238 UHNWIs respectively.
“With the economic operability reaching high levels of its efficiency post the pandemic, and as India will be striding to make an entry into the $5-trillion club in next few years, new emerging economic opportunities will help bring lucrative wealth creation assets, which will add new wealthy individuals in the country,” said Shishir Baijal, CMD, Knight Frank India.
The report also studied depth of pockets needed to join the wealthiest 1% in selected countries and territories. In Asian region, Singapore has the highest entry threshold with $2.9 million needed to join the top 1% club. The entry point for India to enter the 1% wealthy club is $60,000.