The country’s ultra-high-net-worth individuals (UHNWIs) population, or those with $30 million or more, is expected to grow by 63 per cent in the next five years to 11,198. Presently, India is home to 6,884 UHNWIs and 113 billionaires. According to leading global property consultant’s – Knight Frank’s ‘The Wealth Report 2021’, one out of five of the country’s ultra-high-net-worth individuals plan to buy a new home in 2021, compared to one out of 10 in 2020. The COVID-19 pandemic also affected the attitudinal shifts in residential purchase, with the emergence of coastal and ski destinations as new preferred locations globally.
However, 41 per cent of the ultra-high-net-worth individuals in the country are more likely to purchase a new house in resorts or coastal areas. According to Knight Frank, 43 per cent of the ultra-high-net-worth individuals globally are more interested in environmental, social and governance (ESG) focused investments, compared to12 months ago. In India, 46 per cent of the ultra-wealthy Indians are interested in environmental, social, and governance-focused property investments. However, the awareness of the environmental, social, and governance-focused property investment is still evolving.
As per the wealth report 2021, the ultra-wealthy Indians in 2020 experienced a 59 per cent increase in their wealth, despite the uncertainty in the global market. In 2021, 91 per cent of Indian ultra-high-net-worth individuals expect to see an increase in wealth with the start of a new economic cycle.
Asia is likely to see the largest rise in the number of ultra-high-net-worth individuals with an estimated growth of 39 per cent, led by Indonesia (67 per cent) and India (63 per cent), according to Knight Frank. Whilst Indonesia boasts of a 67 per cent growth in its ultra-high-net-worth population during the period, which is the highest globally, India’s ultra-high-net-worth population will be 10 times that of Indonesia.