India is poised to see the highest rise globally in the number of ultra-high net worth individuals (UHNWIs) over the next five years, according to a new report.
India’s Robust Economic Growth Driving Rise in Ultra-Wealthy
The Wealth Report 2024, released by Knight Frank on Wednesday, predicts the number of Indians with a net worth of $30 million or more will climb 50.1% to 19,908 by 2028, up from 13,263 in 2023.
India’s projected growth in UHNWIs over the next five years significantly outpaces other countries like China (47%), Türkiye (42.9%), and Malaysia (35%).
Liam Bailey, Knight Frank’s global head of research, attributed India’s high forecasted growth primarily to its robust GDP expansion.
“The outlook for the Indian economy shows it is set to outperform over the next five years. That is the biggest driver,” Bailey explained.
India’s large diaspora also ensures strong connectivity to global businesses and high levels of innovation, further propelling growth among the ultra-wealthy.
Asia Will Be Epicenter of Rising Ultra-Wealthy Population
The report highlights that Asia will be the dominant region globally for expanding numbers of the ultra-rich over the next half-decade.
Fueled by economic powerhouses like India and China, Asia’s UHNWI population is projected to rise 38.3% by 2028. That significantly outpaces the 28.1% global growth rate for the ultra-wealthy.
“The center of gravity of the world economy has moved towards Asia, and the process is continuing,” Bailey noted.
After Asia, the Middle East and North America are expected to see the next highest surge in ultra-high net worth individuals by 2028.
