In the regional context, Asia is likely to see the highest rise in the number of UHNWIs with the estimated growth of 39 per cent. Among countries, this growth will be by Indonesia (67 per cent) and India (63 per cent).
Whilst Indonesia boasts of a 67 per cent growth in its UHNWI population during this period, which is the highest globally, India’s UHNWI population will be 10 times that of Indonesia, the report suggests.
“By 2025, Asia will host 24 per cent of all UHNWIs, up from 17 per cent a decade earlier. The region is already home to more billionaires than any other (36 per cent of the global total). China is the key to this phenomenon with 246 per cent forecast growth in UHNWI residents in the decade to 2025,” said Liam Bailey, global head of research at Knight Frank.
However, this level of affluence is not easy to achieve. To get counted among the world’s A-listers and among the top 1 per cent in selected countries, one needs to have really deep pockets. In Monaco, which has the world’s densest population of the super-rich, the entry point for the principality’s branch of the 1 per cent club is $7.9 million, followed by Switzerland, where $5.1 million can give one access to the 1 per cent club, Knight Frank
In the Asia region, Singapore has the highest entry threshold with $2.9 million needed to join this elite top 1 per cent club. The entry point for India in the 1 per cent wealthy club is $60,000, the report suggests.
Despite the ongoing pandemic, 91 per cent of Indian UHNWIs expect their wealth to increase in 2021. The growth of ultra-wealthy population in India, according to Knight Frank, is faster compared to the global average of 27 per cent and Asia average of 39 per cent.
“India is expected to further strengthen economically and gain a formidable position as an Asian superpower paving an ecosystem for the rise of new sunrise sectors. The new economic opportunities will help bring lucrative wealth creation assets which will add new wealthy individuals in the country,” said Shishir Baijal, chairman & managing director, Knight Frank India.
Globally, the United States (US) is the home to maximum number of UHNWIs at 180,060, followed by Chinese Mainland (70,426) and Germany (28,396). India is at the 13th spot with 6,884 UHNWIs.
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