India will be able to boast with 50 more billionaires by 2025.
India’s share of the global UHNWI population is expected to almost double from 1% to almost 2%
India has seen its number of Ultra High Net Worth Individuals (UHNWI) triple over the past 5 years, and there seems to be no end to this trend. The country’s Ultra High Net Worth population is projected to reach 11 000 by 2025, a 43% increase compared to the current figures. The bulk of the next 4 years’ global growth in UHNWIs will be in Asia, with Indonesia and India leading the way.
India’s share of the global UHNWI population is expected to almost double from 1% to almost 2%. Furthermore, according to the most recent Frank Knight wealth report, almost all current UHNWIs in India should see their wealth increase over the next couple of years. Additionally, India will be able to boast with 50 more billionaires by 2025.
This astonishing growth is largely the result of the expectation that the Indian economy will continue to excel in a post-pandemic world, effectuating new opportunities that will help bring lucrative wealth creation assets. Indian HNWIs have shown a strong preference for equities over property investments over the past few years, which puts them at odds with most of their Asian counterparts – a trend which is expected to continue. When it comes to property investment, however, the investments in domestic properties by HNWIs is almost double that of their foreign property investments, which is an excellent sign for the Indian luxury property market.
Most importantly, perhaps, Indian HNWI are surprisingly optimistic about the future prospects of the Indian economy, and this confidence is expected to not only bode well for the country’s luxury market, but also translate in increased wealth creation for all Indians in the near future.
Paul Russell is co-founder of Luxury Academy London, a multi-national training company with offices in London, Mumbai and Visakhapatnam. Luxury Academy London specialise exclusively in the luxury industry and deliver training in leadership, communication and business etiquette training for companies and private clients across the globe.
Prior to founding Luxury Academy London, Paul worked in senior leadership roles within luxury hospitality. A dynamic trainer and seminar leader, Paul has designed and taught courses, workshops and seminars worldwide on a wide variety of soft skills.