The number of ultra-high-net-worth-individuals (UHNWIs) has increased by 9.3% globally in 2021. Over 51,000 people have seen their net assets increased to $30 million or more, while in India, the number of UHNWIs has grown by 11% year-on-year in 2021, the highest percentage growth in Asia Pacific Region. The prices of luxury residential properties have also surged in the last one year, which is a highest annual increase since 2008.

According to Knight Frank’s latest edition of The Wealth Report 2022, equity markets and digital adoption have been key factors driving growth in the super rich category of India. Around 69% of the super wealthy individuals in India is expected to witness an increase of over 10% in their net worth in 2022.

Asia continues to be the forerunner in the billionaires’ club contributing to 36% of the total billionaires in the world in 2021.

ndia has been ranked third in terms of billionaires’ population in 2021 following US and China.

Every region across the world saw an increase in the number of UHNWIs between 2020 and 2021. Amongst key Indian cities, Bengaluru witnessed highest growth in the number of UHNWIs with 17.1% to 352 followed by Delhi with 12.4% to 210 and Mumbai with 9% to 1,596 in 2021.

In the last 5 years for the major markets, Delhi has witnessed an increase of 101.2% followed by Mumbai with over 42.6% rise and Bengaluru a 22.7% increase. However, in the next 5 years, Bengaluru is projected to witness an increase of 89% of the UHNWI population and become home to 665 ultra-wealthy individuals by 2026.

Going forward, India’s UHNWI population is expected to grow by 39% over the next five years, as the country sees the sixth highest growth in number of self-made UHNWIs under the age of 40. India’s billionaire population grows by 24% to 145 billionaires during 2020-21. As per the attitude survey, 69% of Indian UHNWIs expects more than 10% increase in their wealth in 2022.

Shishir Baijal, chairman and managing director, Knight Frank India says, “The growth in younger, self-made UHNWIs has been incredible in India and we foresee them to drive new investment themes and innovation. With a healthy growth in the UHNWI and billionaire population, India is expected to be one of the fastest growing countries amongst its global peers, further strengthening itself economically and emerging as a superpower in different sectors.”

The survey also highlighted that prices of luxury properties have seen the highest annual increase since 2008. The prime international residential index (PIRI 100) increased by 8.4% in 2021, up from approximately 2% in 2020.

Knight Frank report said that of the 100 luxury residential markets tracked, a staggering 35% of locations saw prices increase by 10% or more, underlining the strength of the sellers’ market during the pandemic. Only seven locations saw prices decline in 2021.

Globally, Bengaluru ranked 91st and Mumbai ranked 92nd, recorded a marginal growth of 0.3% y-o-y in 2021 in terms of luxury residential prices. Delhi ranked 93rd remained unchanged in regards with prime residential prices. The prime residential prices are expected to grow further by 10-12% during 2022 globally. Even the Asian cities are expected to witness a price growth with a slight trail during 2022.