The number of ultra-high-net-worth individuals (UHNWI) in India is expected to double over the next 10 years making the country home to the fourth highest number of billionaires in the world by 2023, says Knight Frank's 2014 Wealth Report.
The report from global real estate consultancy firm predicted that the number of billionaires in India will grow by a sharp 98% to 119 in the year 2023 from 60 billionaires in 2013. USA, China and Russia will be the only three nations to have more billionaires than India in 2023, it said.
“Wealth creation in India particularly is expected to accelerate with the number of UHNWIs expected to double over the next decade. This reflects a more positive outlook for India’s economy,” said Shishir Baijal, chairman and managing director, Knight Frank India.
“During the next decade, at 98%, growth in billionaire count in India will be much faster than either of the global (38%) or Asian (66%) benchmarks. The out-performance in growth of UHNWI count in India (99%) is even larger when compared to the global or Asian benchmark,” said Samantak Das, chief economist and director (research), Knight Frank India
The report said the number of people whose wealth is estimated at $100 million or the 'centa-millionaires' are projected to grow by 99% in India, to 761 in 2023 from 383 last year.
Among Indian cities, Mumbai will see the fourth highest rate of growth in its UHNWI population till 2023. The number of UHNWIs are expected to rise by 126% in Mumbai alone and around 118% in Delhi, despite recent economic concerns, says the report. In Mumbai, the UHNWIs will rise to 1,302 in 2023 from 577 in 2013, while in Delhi the number will increase to 321 from 147 recorded last year.
The report has also featured Mumbai in the list of top five future investment hotspots in the world. It is one among the two listed for Asia-Pacific region, the other one being Sydney.