India’s population of demi-billionaires is all set to reach 340 in 2022, a 70 percent rise from 200 in 2017, says a report. India will be home to more demi-billionaires (with $500 million or more in net assets) than countries such as France, Russia or the UK by the year 2022, the latest Wealth Report by Knight Frank predicts. Robust global economic growth and rising asset prices would drive the growth of world’s demi-billionaire population, Knight Frank report says.
“Prime residential markets in cities such as Mumbai and Delhi have remained largely stable in the last five years, which creates a good entry opportunity for buyers. The increase in number of demi-billionaires clearly underscores the potential for demand and price growth going forward,” the report said.
In 2022, population of demi-billionaires will increase to 310 from 230 in 2017 in France. The numbers are expected to increase to 50 and 40 in Russia and the UK by 2022 from 220 in 2017, respectively.
According to the report, the population of demi-billionaires in Asia for the first time will surpass that in North America in the five years’ time. The Knight Frank Wealth Report also says that nearly 3,000 people based in Asia will have over $500 million in assets by 2022.
By 2022, number of demi-billionaires will rise from 6900 at the end of 2017 to 9,570 all across the world, the report says. The US will continue to remain the nation with the biggest overall population of demi-billionaires. The population is expected to surge from 1,830 to nearly 2,500 over the next five years. In China, the number will climb from 490 to 990, says Wealth-X report by Knight Frank.
In the analysis of 20 prime international residential markets, Singapore experiences resurgent price growth.