NEW DELHI: Despite Covid-19, the number of ultra-high net worth Individuals (UHNIs) with wealth of over $ 30 million grew by 11% to 13,637 in 2021 in India, compared to the 9.3% globally rise, with their number topping 6.1 lakh a report said.
But the conflict in Ukraine could affect wealth creation this year on account of a rise in energy cost and inflation, consulting firm Knight Frank, which released the Wealth Report cautioned.
With 145 billionaires, India had the third highest population behind the 748 in the US and China’s 554, it estimated. Mumbai, with 1,596 ultra-high net worth individuals, was home to the highest number of ultra-rich in India, followed by Hyderabad (467) and Pune (360) with Delhi (210) at sixth place.
Over the next few years, Bengaluru, which has emerged as the startup capital of sorts, is expected to see the fastest growth in the country with a 89% increase expected to take the UHNWI population to 665 by 2026. It will be followed by Chennai (66% rise to 266) and Hyderabad (56% to 729), with Delhi (50% to 315).
Last year, access to technology and the digital democratisation of investments, including private equity, have led to greater levels of wealth creation and growth. This would further gain momentum over the coming years, the report said.
The ease with which investments can now be made and the speed of innovation would help to create new fortunes globally. The report quoted a Hong Kong-based digital entrepreneur Yat Siu, who pointed out that the metaverse offers the opportunity for anybody connected to the internet to create wealth in ways that would have been unimaginable just a few years ago. The opportunities to invest in bitcoins and tech startups are some examples that would accelerate wealth creation in the coming times.


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