Knight Frank Wealth Report 2024: The variety of Indian ultra-high-net-worth individuals is anticipated to enhance to as excessive as 19,908 by 2028 from 13,263 in 2023, main to a 50.1 per cent development of their numbers. Individuals with a internet value of USD 30 million and above are thought of ultra-high-net-worth individuals.
These numbers, as projected by world consultancy agency Knight Frank, can be the very best development in variety of ultra-high-net-worth individuals for any nation, within the subsequent 5 years. During the identical interval, the consultancy, in its flagship report, ‘Knight Frank Wealth Report 2024’, expects the variety of rich individuals globally is anticipated to surge by 28.1 per cent to 802,891.
In 2023, the variety of such individuals globally rose by 4.2 per cent, 626,619 from 601,300 a 12 months earlier. India, nonetheless, noticed an annual rise of 6.1 per cent in UHNWI inhabitants in 2023 over the earlier 12 months.
India’s super-rich allocate 32 per centof their wealth in housing properties
India’s super-rich have allotted 32 per cent of their wealth in residential properties within the nation and abroad, Knight Frank mentioned in a report on Wednesday (February 28). As per actual property advisor Knight Frank’s The Wealth Report 2024, 32 per cent of India’s Ultra-High-Net-Worth Individuals’ (UHNWIs) wealth is allotted in direction of the residential actual property asset class.
Nearly 14 per cent of their residential portfolio is allotted exterior India. UHNWIs are individuals with a internet value of USD 30 million and above. On a mean, an Indian UHNWI owns 2.57 properties whereas a large 28 per cent have rented out their second properties throughout 2023, the report mentioned. According to Knight Frank, about 12 per cent of the nation’s UHNWIs plan to purchase a brand new residence in 2024. The same share of rich individuals in India bought a brand new residence final 12 months. (*50*), 22 per cent of the ultra-wealthy are anticipated to buy a house in 2024.
Knight Frank India Chairman and Managing Director Shishir Baijal mentioned, “The prime residential assets continue to be the mainstream investment avenue for ultra-wealthy individuals in the country.”
Separately, the report famous that Mumbai ranked eighth on Knight Frank’s Prime International Residential Index (PIRI) index in 2023 as in contrast to the thirty seventh rank in 2022, pushed by 10 per cent year-on-year development when it comes to annual luxurious residential value rise.
This soar has marked a spot for Mumbai within the prime 10 main luxurious residential markets. Manila (26 per cent development) leads the rankings whereas final 12 months’s frontrunner Dubai (16 per cent) slipped one spot. The Bahamas (15 per cent) comes within the third place with Algarve and Cape Town (each 12.3 per cent) finishing the highest 5.
Among different Indian cities, Delhi ranked thirty seventh and showcased a rise of 4.2 per cent year-on-year in 2023 as in contrast to the 77th rank in 2022. Bengaluru stands on the 59th rank in contrast to 63rd in 2022 recording a 2.2 per cent year-on-year enhance in 2023.
“The outlook for 2024 remains bright as Mumbai with a 5.5 per cent prime price growth forecast, ranks second among the 25 cities globally. As we navigate the complexities of the global market, India’s emergence as a prime destination for luxury real estate investment is undeniable,” Baijal mentioned.
Of the 100 luxurious residential markets tracked, 80 recorded constructive to impartial annual value development. Asia-Pacific (3.8 per cent) pipped the Americas (3.6 per cent) to the title of the strongest-performing world area, with Europe, the Middle East, and Africa trailing (2.6 per cent).
What ‘Attitude Survey’ mentioned?
According to the Attitude Survey that’s a part of the Wealth Report 2024, 32 per cent of India’s ultra-high-net-worth individuals, wealth is allotted in direction of the residential actual property asset class. According to the Knight Frank report, 90 per cent of Indian UHNWIs predict a rise of their wealth this 12 months. Almost 63 per cent of those UHNWIs count on a big enhance of greater than 10 per cent of their wealth.
“In a transformative era of wealth creation, India stands as a testament to thriving prosperity and burgeoning opportunities in the global economic spectrum,” mentioned Shishir Baijal, Chairman and Managing Director, Knight Frank India.
“While global uncertainty prevails, easing domestic inflationary risks and the likelihood of rate cuts will further accentuate the growth of the Indian economy, and the reflection of this sentiment is echoed by wealthy Indians,” mentioned Baijal.
Liam Bailey, world head of analysis at Knight Frank, mentioned exterior Asia, robust development is concentrated on the Middle East, Australasia and North America, with Europe lagging and Africa and Latin America doubtless to be the weakest areas.
(With businesses inputs)
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