India is becoming a country of the rich, by 2028 the number of rich will increase by 19 thousand 908

India Ultra Rich: The number of ultra high net worth i.e. UHNWIs is increasing in India. UHNWI are people whose net worth is more than 30 million dollars i.e. about 250 crore rupees. According to a Knight Frank report, the number of ultra high net worth individuals in India will increase by 6.1 percent to 13 thousand 263 in 2023 compared to 12 thousand 495 in 2022. By the year 2028, their number is expected to increase by almost 50 percent to 19 thousand 908. India is the only country where the number of ultra high net worth people is going to increase by such a large number in the next five years.

In 2024, the wealth of 90 percent of the rich can increase

According to a Knight Frank report, 90 percent of UHNWIs expect their wealth to increase during 2024. About 63 percent are confident of increasing their net worth by more than 10 percent. According to experts, amidst economic slowdown, the Indian economy will grow faster due to falling inflation and expected reduction in interest rates. This boom will also benefit the rich people of India and increase their wealth.

The number of ultra high net worth people in India will increase by 50 percent by 2028

The number of Indian rich people is expected to grow faster than the global average over the next five years. According to a report by Knight Frank, the number of UHNWIs worldwide could grow by 28.1 percent in the next five years to about 8.03 lakh by 2028. The number of UHNWIs worldwide has increased by 4.2 percent to 6.26 lakh in 2023 from 6.01 lakh. While in 2022, the number of people in the ultra high net worth category worldwide decreased.

If we look at the increase in the number of UHNWIs in different countries in the year 2023, Turkey tops the list, where the number of UHNWIs has increased by 9.7 percent. The number of ultra-high net worth people in America is expected to increase by 7.9 percent in 2023. India is third in the list with 6.1 percent growth, South Korea fourth with 5.6 percent growth and Switzerland fifth with 5.2 percent growth.

Rich people willing to settle in other countries!

In the future it is also possible that many rich people may migrate from ultra high net worth countries and settle in other countries as well. Due to this, the trend of rich people to settle in Europe, Australia and North America can be seen. According to a Knight Frank report, the number and wealth of UHNWIs are currently growing in Asia, the Middle East, Australia and North America. Europe lags behind in this respect while Africa and Latin America are proving to be the weakest regions.

The rich spend 17 percent on luxury goods

According to Knight Frank, the richest people in the country spend 17 percent of their money on luxury goods. These UHNWIs love to buy luxury watches, classic cars, luxury handbags, diamonds, whiskey and jewelry worth millions. Apart from this, rich people also spend a lot on art, furniture and coins.