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India will have more demi-billionaires by 2022 than the UK and France, says study

BusinessToday.In     September 12, 2018

India will see around 70 per cent rise in a number of demi-billionaires (or those with a net worth of $500 million) in the next three years on the back of strong economic growth and increasing asset prices, a recent report by Knight Frank has said. The report expects India, the world's fastest growing economy, to grow at a higher pace, which will push more Indians into the $500-million club. The country would see the number of demi-billionaires rise from 200 in 2017 to 340 by 2022, which will be more than developed countries like France and the UK and Russia, says the report.

"Prime residential markets in cities such as Mumbai and Delhi have remained largely stable in the last five years, which creates a good entry opportunity for buyers. The increase in the number of demi-billionaires clearly underscores the potential for demand and price growth going forward," the report said.

The United States, however, will again lead the chart with amaximum of 2,500 from 1830 demi-billionaires in the year 2017. France will see a rise from 230 to 310 demi-billionaires, while the UK will see its half-billionaires rising from 220 to 260. In neighbouring China, the number will rise from 490 to 990 during the same period.

The report also says that Asia -- which will have over 3000demi-billionaires by 2020 -- will surpass the number of demi-billionaires in North America for the first time in 2022. "Strong global economic growth,as well as rising asset prices as key drivers behind the growth in the world's demi-billionaire population. By 2022, Wealth-X anticipates that there will be9,570 demi-billionaires worldwide, up from 6,900 at the end of 2017," it said.

Knight Frank had recently said Indians emerged as the fourth-largest group of overseas buyers of property in London, after China,Russia and the US, which has led to 2 billion pounds of investment over the past year. "Among the younger Indian demographic, we are also seeing a trend of investing in the City (financial hub), east of London. The Indian demand is fairly broad," the report said.

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