Knight Frank Wealth Report 2021: The number of extremely rich (Ultra High Net Worth Individuals / UHNWI) in India may increase by 63 percent to 11,198 by 2025. In this case, India will be the second fastest growing country in the world. The number of very rich people will increase rapidly in Asia. At the same time, the number of UHNWIs worldwide is expected to increase by 27 percent to 663,483 between 2020-25. This has been revealed in wealth consultancy firm Knight Frank’s Wealth Report 2021. People with assets of 3 million dollars or more come in the list of very rich people.
According to Knight Frank’s The Wealth Report 2021, there are currently 521,653 UHNWIs worldwide. Of these, 6,884 rich of India are included. The number of UHNWIs in Asia is estimated to increase by 39 percent. During this period, the highest increase in the number of rich people will be in Indonesia (67 percent) and then in India (63 percent), which will be much higher than the global average. The number of extremely rich people in India will be 10 times more than the total number of rich people in Indonesia.
According to Shitir Baijal, CMD, Knight Frank India, economic activities are going to new levels after the epidemic, India can make its place in a club with economy of five trillion dollars during the next few years. India can become an Asian superpower on its own economic progress and this will help in making arrangements for sectors that are developing fast in India. With the help of new economic opportunities, there will be attractive opportunities for wealth creation, with the help of which new people will enter the club of the rich in India.
Will grow rapidly in these countries Extreme Rich
Mumbai, Delhi, Bangalore favorite city
According to the report, based on the city in India, Mumbai, Delhi and Bengaluru will be home to 920, 375 and 238 very rich people respectively. The wealth report of the Wealth Report Attitudes survey may increase the wealth of 91 percent of India’s very rich in 2021. The increase in the number of rich people in India is more than the global average of 27 percent and the Asian average of 39 percent.
The number of billionaires will also increase
Knight Frank’s ‘The Wealth Report 2021’ states that the number of billionaires in India is also expected to increase. According to the report, the number of 113 billionaires present in 2020 is expected to increase by 43 percent to 162 in 2025. This increase in the number of billionaires is more than the global average of 24 percent and the Asian average of 38 percent.
India at number 13 among the most wealthy
‘1% Club’ threshold limit to be double in India
The report studied the needs of the richest one percent people in selected countries and regions to join the club. According to this, the threshold of net wealth required to join this club is different in different countries and regions. In Monaco, the residence of the most wealthy, where a property of $ 79 million is required to make it to the top 1% club, in Switzerland the limit is US $ 5.1 million. In the US, this threshold is 44 million dollars.
According to the report, Singapore is the highest in Asian regions. Where to join the club of the top one percent rich people, you must have an amount of $ 2.9 million. There should be an amount of $ 60,000 to enter this club in India. According to the report, this threshold limit of India could double in the coming five years.
246% will be very rich in China
Asia is the most important, says Liam Bailey, Global Head at Knight Frank Research. The US and the rest will continue to be the top wealth hub in the world according to our estimates, but over the next five years, Asia will have a 39 percent increase in the number of very rich people, compared to the global average of 27 percent. China will play a role and the number of very rich people is expected to increase by 246 percent by 2025. According to the ballet, by 2025, Asia will have 24 percent of the total number of the world’s wealthiest people, which is 17 percent more than a decade ago. This region is already an area of greater number of billionaires. This is 36 percent of the total global number.