How much space can $1 million buy you in Mumbai and Bengaluru? Read on
According to Knight Frank's flagship report, "The Wealth Report 2024", the number of these ultra-rich in India will rise 50.1 per cent to 19,908 in 2028 from 13,263 in 2023.
- Feb 28, 2024,
- Updated Feb 28, 2024 6:26 PM IST
Between 2023 and 2028, India will see the highest growth for any country in the number of Ultra High Net Worth Individuals (UHNWIs) with a net worth of $30 million or more, a report released on Wednesday said.
According to Knight Frank's flagship report, "The Wealth Report 2024", the number of these ultra-rich in India will rise 50.1 per cent to 19,908 in 2028 from 13,263 in 2023. India will be followed by China (47 per cent) and Malaysia (35 per cent).
The report said Asia will dominate the rise in the number of ultra-rich. In Asia, the number of ultra-rich is expected to rise 38.3 per cent in the next five years. Globally, the number of ultra-rich is likely to rise 28.1 per cent.
The report also highlighted that in 2023, India saw an annual rise of 6.1 per cent in UHNWI population in 2023 over the previous year. Globally, the number of UHNWIs rose 4.2 per cent to 626,619.
Here are the other findings
-- According to the Attitude Survey that is part of the Wealth Report 2024, 32% of India’s ultra-high-net-worth individuals’ (individuals with a net worth of US$ 30 mn and above), wealth is allocated towards residential real estate asset class. Nearly 14% of residential portfolio is allocated outside India. About 12% of India’s UHNWIs plan to buy a new home in 2024 while a similar percentage of wealthy individuals in India responded to have purchased a new home in 2023. Globally, 22% of the ultra-wealthy are expected to purchase a home in 2024. The report further highlighted that on an average an Indian UHNWI owns 2.57 homes and 28% of the surveyed UHNWIs have rented out their second homes during 2023.
-- Monaco continues its reign as the world’s most expensive city where US$ 1 million can get you 16 sq. mt. of space, followed by Hong Kong (22 sq. mt.) and Singapore (32 sq. mt.) in 2023. Comparatively in Mumbai, one can purchase 103 sq. mt. of prime residential real estate, marking a decline of 9% in space YoY. In Delhi and Bengaluru one can purchase 217 sq. mt. and 377 sq. mt. of prime residential real estate respectively.
-- Watch was the most preferred investment by Indian UHNWIs, followed by Art and Classic Cars. Globally, super rich cited Art as the preferred luxury investment, followed by watches and classic cars.
Between 2023 and 2028, India will see the highest growth for any country in the number of Ultra High Net Worth Individuals (UHNWIs) with a net worth of $30 million or more, a report released on Wednesday said.
According to Knight Frank's flagship report, "The Wealth Report 2024", the number of these ultra-rich in India will rise 50.1 per cent to 19,908 in 2028 from 13,263 in 2023. India will be followed by China (47 per cent) and Malaysia (35 per cent).
The report said Asia will dominate the rise in the number of ultra-rich. In Asia, the number of ultra-rich is expected to rise 38.3 per cent in the next five years. Globally, the number of ultra-rich is likely to rise 28.1 per cent.
The report also highlighted that in 2023, India saw an annual rise of 6.1 per cent in UHNWI population in 2023 over the previous year. Globally, the number of UHNWIs rose 4.2 per cent to 626,619.
Here are the other findings
-- According to the Attitude Survey that is part of the Wealth Report 2024, 32% of India’s ultra-high-net-worth individuals’ (individuals with a net worth of US$ 30 mn and above), wealth is allocated towards residential real estate asset class. Nearly 14% of residential portfolio is allocated outside India. About 12% of India’s UHNWIs plan to buy a new home in 2024 while a similar percentage of wealthy individuals in India responded to have purchased a new home in 2023. Globally, 22% of the ultra-wealthy are expected to purchase a home in 2024. The report further highlighted that on an average an Indian UHNWI owns 2.57 homes and 28% of the surveyed UHNWIs have rented out their second homes during 2023.
-- Monaco continues its reign as the world’s most expensive city where US$ 1 million can get you 16 sq. mt. of space, followed by Hong Kong (22 sq. mt.) and Singapore (32 sq. mt.) in 2023. Comparatively in Mumbai, one can purchase 103 sq. mt. of prime residential real estate, marking a decline of 9% in space YoY. In Delhi and Bengaluru one can purchase 217 sq. mt. and 377 sq. mt. of prime residential real estate respectively.
-- Watch was the most preferred investment by Indian UHNWIs, followed by Art and Classic Cars. Globally, super rich cited Art as the preferred luxury investment, followed by watches and classic cars.