JOIN USThe next decade could certainly be a wealth creating one as India is likely to have the fourth largest count when it comes to billionaires.
According to independent global property consultancy Knight Frank’s 9th edition of The Wealth Report, only the US, China, and Russia will have more billionaires than India over the next ten years. The report also goes on to state that the Indian ultra high net worth individual (UHNWI, someone with a net worth of over $30 million) ranking would improve from 20 in 2014 to 19 by 2024.
“Elections in India and Brazil have sparked opportunities for more economic growth. India has seen a 166 per cent rise in UHNWIs over the past decade, and with the new Indian government commanding a majority in the lower house for the first time in three decades, there is real opportunity to introduce far more transparency. That, in turn, will boost foreign investment. Analyst firm WealthInsight forecasts a 104 per cent increase in India’s UHNWIs over the next decade,” the report states.
The report goes on to state that Mumbai will see the fastest rise in UHNWIs followed by Delhi and Hyderabad, and that the top six cities in India will contribute 58 per cent of the total UHNWIs. This number will further rise to 68 per cent by 2024, it said.
Bengaluru stands apart
According to the report, Bengaluru is among the limited number of property markets that witnessed double-digit price growth.
New York tops the list when it comes to change in prime residential property value with an increase of 18.8 per cent. Bengaluru is the only city from India to feature in the top 20 with a price increase of 10.1 per cent. Mumbai is placed 43rd on the list with a price increase of 2.9 per cent.
“Wealth creation in India is expected to accelerate with the number of UHNWIs expected to double over the next decade. This reflects a more positive outlook for India’s economy after 2014 was marked by capital outflows and a sharp devaluation of the rupee,” Shishir Baijal, Chairman & Managing Director, Knight Frank India said.
“As for the real estate sector, over 90 per cent of the wealth advisors in India have claimed that their clients will most likely invest in property and this sentiment was echoed throughout most parts of Asia. This is good news for the sector,” Baijal added.