The ‘Uber’ rich in India are set to increase significantly as Indian billionaires are expected to double to 136 by 2024 from 68 in 2014. This will catapult India to number four by 2024 from number seven globally in terms of number of billionaires with only the U.S., China and Russia ahead.
The Wealth Report 2015 by real estate consultancy Knight Frank is in its ninth edition and tracks the attitudes of the ultra high net worth individuals (UHNWIs) towards investments and spending patterns. According to the report, India’s UHNWIs too are expected to more than double to 3,371 during the reference period from 1,652 in 2014.
UHNWIs are categorised as those with a net worth above $30 million and the number of Indian UHNWIs grew 166 per cent in the past decade. In terms of the investment portfolios allocated to property, Indian UHNWIs topped the global list at 47 per cent followed by Australia at 42 per cent. “A significant 29 per cent of the Indian UHNWIs polled said they would increase allocation to property to 50 per cent in 2015,’’ Samantak Das, chief economist, Knight Frank India, told this correspondent.
An overwhelming 87 per cent of Indian UHNWIs said they were likely to increase allocation toward residential properties and 65 per cent to office space.
“This is clearly good news for the luxury residential space in India, which has remained sluggish in the last two years. While the commercial office segment revived in 2014, the luxury market is now likely to see traction owing to this,’’ he said.
UHNWIs are country-agnostic and other than the U.S., they are keen on India as it is considered a geo-politically safe haven. “Compared to the Middle East, Europe, Southeast Asia and China too, which is seeing de-growth, India ticks the right boxes with a stable government focused on growth,’’ Mr. Das said.
