74% super-rich Indians prefer UK to buy new home: Report

Photo: Bloomberg

As many as 74 percent of ultra-high-networth (UHNWI) Indians prefer United Kingdom to buy a new home, a recent survey revealed.

According to the Wealth Report 2019 by property consultant Knight Frank, nearly 74 percent of Indian UHNWIs prefer to purchase properties in the UK, while 39 percent responded favourably to the United States.

"Both these places are of high interest for the India ultrarich from business as well as leisure and lifestyle purposes. These also remain the top choices of investment or self-use purchase for the coming years," the report said.

While 79 percent Indian UHNWIs prefer the UK as the destination for investment in property, 39 percent of the respondents have given preference to the US.

As per the report, nearly 13 percent Indian UHNWIs showed affinity towards purchasing new homes in Australia, 16 percent in Canada and 19 percent in Singapore.

Similarly, for investment in properties other than first and second homes, 14 percent Indian UHNWIs have preferred Australia and Singapore, while 10 percent have given preference to Canada.

Commenting on the findings, Knight Frank India, chairman and managing director Shishir Baijal said Indians are progressively increasing their global footprint with UHNWIs getting attracted to the quality of services in these countries.

"We have seen a growing trend in purchase of properties amongst India's wealthy across the globe. It would be worthwhile to point out that Indians are contributing significantly to global wealth creation," he said.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel