According to the Knight Frank’s Wealth Report 2022, released on Tuesday, February 1, Mumbai was home to 1,596 ultra-high net worth individuals (UHNWIs) which was the highest in India in 2021, stated reports.
These UHNWIs reportedly have a net worth of INR 225 crore and above. The population of the said group is anticipated to rise by 29.6 per cent to 2,069 by 2026, in accordance with the report. Further, the city’s ultra-rich group in the last five years has increased by 42.6 per cent from 1,119 in 2016 to 1,596 in 2021, highlighted the report.
On the other hand, India had 145 billionaires last year which was the third-highest globally. In 2021, in India, the number of UHNWIs rose by 11 per cent which is the highest percentage growth in the Asia-Pacific region.
The country also ranked sixth in the percentage growth of the UHNWIs who are self-made and are under the age of 40. Moreover, the survey also undertook an attitude survey report. This brought to light that 11 per cent of the investable wealth of Indian UHNWIs was directed towards passion-led investments.
Based on accounts, nearly 29 per cent of Indian UHWIs incurred expenditure over on passion investments in the last year. Similarly, for Indian UHWIs, art was the preferred form of investment, this was trailed by jewellery and classic cars.
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