New Delhi: Ultra-rich people count dips in India during 2022

New Delhi : Number of ultra-high-net-worth individuals (UHNWI) in India, having net worth of over $30 million, fell 7.5 per cent last year to 12,069 but will rise to 19,119 in the next five years, according to Knight Frank.

India’s billionaire population rose to 161 in 2022 from 145 in the previous year and is estimated to rise to 195 individuals by 2027. Real estate consultant Knight Frank’s on Wednesday released ‘The Wealth Report 2023’.

“India's ultra-high-net-worth individuals with net worth over $30 million is estimated to rise by 58.4 per cent in the next five years from 12,069 in 2022 to 19,119 individuals in 2027,” the consultant said.

“India’s hectic development activities in core and non-core sectors have helped accelerate economic growth in the recent times. Aligned to that is India’s significant position as a global startup hub creating new wealth,” said Shishir Baijal, Chairman and Managing Director of Knight Frank India. The new opportunities emanating from sectors like global manufacturing in India, infrastructure development, technology startups, etc., will propel economic momentum and help the cause of wealth creation in the country, leading to the rise in the number of wealthy individuals in India, he added.

The Indian high-net-worth individual (HNI) population, with asset value of $1 million and more, increased to 7,97,714 last year from 7,63,674 in 2021.