New York: India is projected to be home to the fourth highest number of billionaires in the world by 2023, according to a report which said wealth creation will accelerate in the country over the next decade.
The 2014 Wealth Report, an annual global perspective on prime property and wealth by property management firm Knight Frank, projected that the number of billionaires in India will grow by an exponential 98 percent to 119 in the year 2023 from 60 billionaires.
India will rank fourth after the U.S., China and Russia in 2023 and will have more billionaires than the UK, Germany and France, according to the report.
"Wealth creation in India, the world's third-biggest economy, is also expected to accelerate, with the number of Ultra High Net Worth Individuals (UHNWIs) forecast to nearly double over the next decade," the report said.
Asian UHNWIs are among the most positive about the effect of the economy on their ability to create wealth.
Around 84 percent anticipate that global and local economic conditions will be the biggest positive influence on their ability to create wealth over the next five years, the report said.
The report, however, said that residents of the world's key cities should be worried about crime, pollution, daily commute and terrorism.
Terrorism tends to occur in densely populated cities and New York, London, Moscow and Mumbai are more risky than Beijing, according to the report.
It said that the global response to the financial crisis continues to boost property markets in many parts of the world. Asian markets, led by Jakarta, still lead in terms of price growth.
Locations that were hardest hit by the downturn, like Dubai, Dublin and now Madrid, are also bouncing back strongly.
"Continued global wealth creation, particularly in emerging markets, has been a key driver for prime property markets. This trend looks set to continue with a forecast increase of 28 per cent in the total number of UHNWIs around the world by 2023," the report said.
London retains its top spot in 2014 among the most important cities to the world's UHNWI community.
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