14% Of Ultra Rich Indians With Assets More Than Rs 200 Crore Are Salaried Employees! (Wealth Report)
According to a 2021 survey report, India ranks fourth in the list of countries with the highest percentage of ultra-high net worth individuals from the salaried employee sector, in the Asia Pacific region.
While 56% of UHNWIs in India come from their own businesses, a good share of about 14% of these UHNWIs in the country are contributed from the salaried employee segment.
This makes India the fourth country in the Asia Pacific (APAC) region for salaried employees in the ultra-wealthy club.
Here are all the details from the survey.
14% of Indian UHNWIs Are Salaried Employees
According to a survey provided by Knight Frank’s Attitudes, titled ‘Knight Frank’s Attitudes Survey 2021’, Indian salaried employees contribute an appreciable share of about 14% in the country’s list of ultra-high net worth individuals or UHNWIs.
Ultra-high-net-worth individuals (UHNWI) are people with investable assets of at least $30 million, states Investopedia.
The report by Knight Frank ranks India at the fourth place in the list of salaried employees in the UHNWI club, in the APAC region.
In this region, Singapore ranks first with 31% of UHNWIs as salaried employees, followed by Philippines with 18%, Chinese Mainland with 16%, India with 14% and Honk Kong with 13%.
Additionally, Singapore maintains its first position in the global rankings too, followed by South Africa (28%), Russia (25%), Canada (22%) and Switzerland (22%).
India’s Improving Economy Contributes to the List
As per the survey report, the major section of Indian UHNWIs (56%) derive their wealth through their own businesses, followed by salaried employees (14%) who receive salaries and dividends from their investment portfolio.
Speaking on India’s ranking among the top 5, the Chairman and Managing Director, Knight Frank India, Shishir Baijal says,
“The rise in the number of salaried employees, who now occupy space in the UHNWI list in India, can be largely attributed to the growth of India as a key regional and global economy. With India being a key market for most countries, we have seen the presence of most major conglomerates in India.”
“We expect that the phenomenon will continue to grow, as businesses seek to improve their efficiency; there would be a growth in high paying specialised jobs which will help them to contribute more to the club”.