India's Ultra-Rich Population Expected to Surge by 2031, Says Knight Frank
India may have 25,217 ultra-rich, 313 billionaires by 2031: Knight Frank
Business Standard
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According to Knight Frank's latest report, India is projected to have 25,217 ultra-high net worth individuals and 313 billionaires by 2031, driven by growth in technology and capital markets. Currently, India has 19,877 UHNWIs and 207 billionaires, ranking it third globally in billionaire count.
- 01India's ultra-high net worth individuals expected to rise to 25,217 by 2031.
- 02Current billionaire count in India stands at 207, projected to reach 313 by 2031.
- 03Mumbai hosts 35.4% of India's UHNWI population.
- 04India is now the sixth-largest UHNWI population globally.
- 05Knight Frank highlights significant wealth creation in technology and capital markets.
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Knight Frank's 20th edition of The Wealth Report forecasts that India will have 25,217 ultra-high net worth individuals (UHNWIs) and 313 billionaires by 2031, driven by advancements in technology, industrials, and capital markets. Currently, the country has 19,877 UHNWIs and 207 billionaires, ranking third globally after the United States and China. The report indicates a 58% increase in India's billionaire population over the past five years. Mumbai is a significant contributor, housing 35.4% of the UHNWI population. Shishir Baijal, Chairman & Managing Director of Knight Frank India, noted that this growth reflects India's economic evolution into a more entrepreneurial economy with sophisticated financial markets and globally connected investors. The global UHNWI population has also surged to 713,626 from 551,435 in 2021.
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The growth in ultra-rich individuals and billionaires can lead to increased investments in various sectors, potentially boosting the economy and creating more job opportunities.
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