UHNWI To Be An Imminent Dream Of Every Indian, As Country Opens Door To Plenty Of Wealthy Individuals By 2027

The Ultra-High-Net-Worth-Individuals (UHNWI) in India is hitting an incredible upward trajectory in the nation over the next five years by a remarkable 58.4 per cent as noted from The Wealth Report 2023.

The UHNWI having net worth of more than 30 million dollars had abruptly fell to 12,069 in 2022 by a 7.5 per cent shift. However, it is proposed to increase at 5 times more rate to 19,119 by 2027.

The overall population of the UHNWI had noticed a decline by 3.8 per cent in 2022 worldwide, though it had achieved a record climb in 2021 of 9.3 per cent at the global level.

The cause of this abrupt and extreme shift in the UHNWI can be assigned to the economic slowdowns, soaring geopolitical uncertainties and frequent price hikes, that has impacted their investment and wealth portfolios.

The same attributes apply to the Indian base as well as it noted fall Year-on-Year (YoY) of 7.5 per cent in 2022 over 2021.

Billionaires In India

The number of Indian citizens who constitute the billionaire population had seen a surge from 145 in 2021 to 161 in 2022 and would massively attain the target of 195 by 2027.

The upward course calls to attention that only a selected bunch of individuals are avidly experiencing the concentration of prosperity and wealth among themselves. At the end of the day, the rich are getting richer in India.

The primary reason behind this wealth accumulation among the rich is because they make use of every opportunity they come across to build their wealth, and do not just stick to one particular form of employment.

High-Net-Worth-Individuals (HNWI)

On the contrary, the number of High-Net-Worth-Individuals (HNWI) in India has witnessed a jump from 763,674 in 2021 to 797,714 in 2022 and is predicted to rapidly multiply by 2 times the current number in 2027 to around 1,657,272.

The HNWI is represented by the individuals having more than or equal to 1 million dollar net valuation, which also includes their primary residence.

In the next five years, the HNWI would witness a rocketing 107 per cent growth to an estimate of 1.65 million.

The unstoppable growth is demonstrated by the rising economic opportunities and the augmenting affluence in India.

Growth Of Wealth In India

In India, the prima facie basis for the increase in the number of wealthy individuals is the appreciation of the US dollars along with an improvement in interest rates.

The billionaire mass in India which is significantly on the rise has swelled by 11 per cent YoY in 2022 over 2021, whereas the HNWI registered a 4.5 per cent YoY in 2022 compared to last year and is maintaining a growth path.

More significant foundation is provided by the number of startups in India that have been rising enormously in the past few years with a goal to create new wealth.

In the same lines, the vibrant development activities taking place in India both in its core and non-core sectors is also one of the budding causes for the acceleration of the economic growth.

The economic momentum plus the creation of new wealth in India is fuelled by the new opportunities emerging in the technology startups, infrastructure development and global manufacturing units.

This would ultimately shoot up the number of wealthy individuals in India in the coming years.

Wealth In The Asian Market

The wealth in the Asian market is currently on a slow down and reported a fall of 6.5 per cent in the number of UHNWI in 2022.

Nonetheless, an upswing in the population of UHNWI has been exclaimed in Malaysia, Singapore and Indonesia, with a 5-7 per cent rise, driving them among the Ten Highest Asian Growth Spots.

It is striking to postulate that by 2027, the UHNWI count would surmount to approximately 40 per cent in the Asian countries.

Further, it is worthy of mention that Asia could surpass even the European nations to second the list of UHNWI population in the upcoming five years by housing more than 210,175 Ultra-High-Net-Worth-Individuals.

America is estimated to top the UHNWI count all the same.

Proofread & Published By Naveenika Chauhan