The number of ultra-high net worth individuals (UHNWI) or billionaires in India is expected to double by 2023, with Mumbai and Delhi likely to see a 126 percent and 118 percent rise, respectively, in these individuals, said Knight Frank's Wealth Report 2014.
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According to the report, India will rank fourth after US, China and Russia in 2023 and will have more billionaires than the UK, Germany and France. The report also projected that the number of billionaires in India will grow by an exponential 98% to 119 in 2023 from 60 billionaires last year. It also sees Mumbai to be among top 10 global cities by 2024.
"Wealth creation in India, the world's third-biggest economy, is also expected to accelerate, with the number of UHNWIs forecast to nearly double over the next decade," the report said. "This reflects the more positive outlook for India's economy after 2013 was marked by capital outflows and a sharp devaluation of the rupee."
The report said the number of centa-millionaires (those with USD 100 million in disposable assets) in India is also expected to grow 99% to 761 in 2023 from 383 last year.
Globally, the number of UHNWIs rose by 3% last year, taking the number of people with more than USD 30 million in assets to over 167,000 worldwide.
The report said that over the next decade, the growth in UHNWIs will be highest in the Middle East, Latin America and Asia, with the biggest rise of all in Africa, albeit from a low base. The number of Africans with USD 30 million in assets is set to grow by 53 percent to 2,858 by 2023, far outstripping the average pace of growth across the rest of the world.
The growth of UHNWIs in China and India, coupled with a whopping 144 percent increase in Indonesia and a 166 percent hike in Vietnam, will help push the total number of UHNWIs in Asia up by 43 percent to 58,588 by 2023, overtaking the total number in North America, the report added.
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