The number of ultra-high net worth individuals (UHNWIs) in India is expected to rise 58.4 per cent in the next five years from 12,069 in 2022 to 19,119 in 2027, a report by property consultancy Knight Frank said on Wednesday.
In its The Wealth Report 2023 , Knight Frank said that the number of Indian UHNWIs, with a net worth of $30 million or above, fell 7.5 per cent in 2022 due to economic slowdown, rate hikes, appreciation of the US dollar and geopolitical uncertainties.
Globally, the number of UHNWIs fell 3.8 per cent in 2022 compared to 2021.
Branded residences are back in the market because the buyer today wants more than just a plain-vanilla apartment. There’s also confidence on account of RERA being in place, unlike in 2017 when a lot of people burnt their fingers.
Ultra-high-net-worth individuals from India had 6% of their investable wealth allocated towards gold in 2022; Austria ranked first on the list with an 8 percent allocation, says a Knight Frank report.