BENGALURU: Mumbai leads the country with 1,094 ultra high networth individuals, followed by Delhi with 545. The next decade will see the number increase to 2,243 in Mumbai and 1,128 in Delhi, said a latest Knight Frank Wealth Report, released on Wednesday, as reported in The Economic Times.
UHNWI are people with net assets of over $30 million (approximately Rs 204 crore), excluding their primary residence. According to data prepared for the 2016 report by wealth intelligence company New World Wealth, there are now 1,87,500 UHNWIs across the world.
The billionaire count in India has jumped 333 percent to 78, against a global growth of just 68 percent to 1,919 people, in the last 10 years. As per the calculation, India will account for 6 percent of the world's billionaire population, by 2025.
In addition, according to the Attitudes Survey of Knight Frank's Wealth Report, this year, London has again moved ahead of New York to win the honor of "most important city to UHNWIs.” As per the same report, Singapore, Hong Kong, Shanghai and Dubai are on positions three to six.
The latest survey, conducted along with ultra-wealth intelligence consultancy Wealth-X, is based on the views of around 400 of the world's leading private bankers and wealth advisers. Between them, they manage assets for around 45,000 UHNWIs with a combined wealth of over half a trillion US dollars.
Residential real estate accounts for a quarter of the average UHNWI's investable wealth, according to the survey, while commercial property investments make up 11 percent.
"Over the past 10 years, 54 percent of the respondents said their clients had increased their allocation to residential property. Just over 40 percent expected it to increase further over the next 10 years, with 30 percent of clients likely to consider a residential purchase in 2016," added the report.
The most important factors noted highly as a reason for UHNWIs to buy residential property, is an investment to sell in the future.
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