The good news, at least for India's wealthiest "one per cent" only gets better. The increase in the number of the 'super rich' in India will be among the world's highest, at 63 per cent in the next five years. The global increase, by average, is only 27 per cent.
India's super rich have apparently had a pretty good pandemic. Nearly 60 per cent of the country's ultra high net worth individuals (UHNWI, those with roughly Rs 200 crore or more) actually increased their wealth right through the lockdown and ensuing restrictions. What's more, nine out of 10 Indian UHNWIs expect further increase in wealth in 2021 (globally, this is only seven out of 10).
The findings from the Wealth Report, released by realty consultant major Knight Frank on Wednesday afternoon, also show that the number of billionaires in the country is slated to shoot up from the present 113 to 162 in four years' time.
There are currently 3.5 lakh Indians who are High Net Worth Individuals (HNWI, those with Rs 7 crore or more), 6884 UHNWIs and 113 billionaires (Rs 7,000 crore or more).
What does this mean? “The recovery we are seeing is going to be sustained,” explains Rajani Sinha, chief economist and national director of Knight Frank India. “The growth, especially in service sector, will lead to sustained growth of (wealth).”
Of India's nearly 7,000 UHNWIs, nearly a thousand are based in Mumbai, followed by Delhi (375) and Bengaluru (238). The Wealth Report also compared cities in its 'Wealth Index', in which Mumbai ranked 64th in the global list, with Delhi coming in at 83rd. London remained the wealthiest city, followed by New York and Paris.
Of course, just Rs 43 lakh is enough to make an Indian enter the top one per cent of the nation's super rich. In the country with the maximum number of wealthy citizens, Monaco, by contrast, it will take Rs 57 crore, though. However, Knight Frank estimates that with more and more Indians getting richer at a faster rate, this threshold of Rs 43 lakh will most likely double in the next five years or so.
