India’s multimillionaires are multiplying the fastest over the next five years amid economic prosperity, Knight Frank report says
- The size of super-rich population in Asia seen growing 44 per cent over the next five years, double the pace in North America: Knight Frank
- India, Egypt, Vietnam, China and Indonesia are countries with the highest rate in minting multimillionaires by 2024
Asia’s population of multimillionaires is expected to grow by 44 per cent over the next five years, or double the pace in North America, fuelled by the rise of the middle classes in emerging markets like India, according to Knight Frank Research.
The firm projected the size of India’s ultra high-net-worth individuals (UHNWIs) – those with US$30 million including their primary residence – to grow by 73 per cent over a five-year period to 2024. That would be the biggest increase globally, and compares with a 22 per cent increase in the US, 29 per cent in Singapore, and 5 per cent in Hong Kong in that time frame.
There were 5,986 UHNWIs in India in 2019, according to the report. The US had the largest number with 240,575, compared with 61,587 in China, 3,306 in Singapore and 2,737 in Hong Kong. Globally, Knight Frank expects the size of UHNWIs to grow by 27 per cent to 649,331 by 2024.
“Within the Asia-Pacific region, the countries expected to witness the strongest rise in UHNWI populations are, unsurprisingly, also the fastest growing economies globally,” Knight Frank said with the release of its Wealth Report on Wednesday. “Emerging markets like India, Vietnam, China, Indonesia and Malaysia are set to overtake the growth rate in mature wealth hubs of Japan, South Korea and Singapore.”
Knight Frank based its predictions on a basket of drivers such as GDP growth, property price growth, interest rates and inflation. India’s economy, for example, is projected to grow by more than 7 per cent in 2021, it said, citing the International Monetary Fund.
