Team Blitz India
NEW DELHI: India will witness the highest growth in the number of Ultra High Net Worth Individuals (UHNWIs), between 2023 and 2028, with a net worth of $30 million or more, a report released on February 28 said.
According to Knight Frank’s flagship report, The Wealth Report 2024, the number of these ultra-rich in India will rise 50.1 per cent to 19,908 in 2028 from 13,263 in 2023. India will be followed by China (47 per cent) and Malaysia (35 per cent).
Liam Bailey, Global Head of research at Knight Frank, toldBusiness Standardthat the main reason behind this high growth rate in India is its high (GDP) growth.
“The primary reason is the outlook for the Indian economy. We use economic forecasts in terms of GDP growth for each country that we cover. And there the view is that the Indian economy is set to outperform over the next five years. That is the biggest driver,” he said.
Bailey added that its large diaspora also ensures a high level of innovation and strong connectivity with outside businesses and countries.
