If your net-worth is Rs 1.44 cr, you’re among 1% of wealthiest: Report

This is double the amount needed by the second-place country in this study, Switzerland, which has an entry point of $6.6 million. Singapore has the highest threshold for Asia with $ 3.5 million, followed by Hong Kong at $3.4 million, the firm said.

Knight Frank said India’s ultra-high-net-worth individuals (UHNWI) with a net-worth over $30 million are estimated to rise by 58.4 per cent in the next five years from 12,069 in 2022 to 19,119 individuals in 2027. India’s billionaire population is expected to increase from 161 individuals in 2022 to 195 individuals in 2027.

The Indian high-net-worth-individual (HNI) population, with an asset value of $ one million and more, which was recorded at 797,714 persons in 2022, will also rise to 1.65 million, recording an impressive 107 per cent in five years, it said.

“In 2022, the global population of UHNWIs declined by 3.8 per cent, after a record climb of 9.3 per cent in 2021, as the wealth and the investment portfolio of the ultra-wealthy were impacted by economic slowdowns, frequent rate hikes and rising geopolitical uncertainties,” it said.

The trend was noted in India, where the UHNWI population registered a decline of 7.5 per cent in 2022 over 2021. For India, apart from the rise in interest rates, the appreciation of the US dollar also impacted the growth of wealth. However, the HNI population remained on a growth path registering a growth of 4.5 per cent in 2022, and India’s billionaire population rose by 11 per cent in 2022 compared to the previous year, it said.

Shishir Baijal, Chairman and MD, Knight Frank India said, “India’s hectic development activities in core and non-core sectors has helped accelerate economic growth in the recent times. Aligned to that is India’s significant position as a global start-up hub creating new wealth. The new opportunities emanating from sectors like global manufacturing in India, infrastructure development, technology start-ups etc. will propel economic momentum and help the cause of wealth creation in the country, leading to the rise in the number of wealthy individuals in India.”