Mumbai: The number of ultra-rich people in India fell by 7.5 percent to 12,069 last year, but it is likely to rise again to 19,119 in the next five years. A report expressed this expectation. In a report published by wealth advisory firm Knight Frank, the number of super rich Indians with wealth of more than 30 million dollars has increased to 12,069 in the year 2022. This represents a decrease of 7.5 percent compared to 2021.
It may be mentioned here that the advisory firm has said in ‘The Wealth Report 2023’ that the number of very rich people in the country is likely to increase to 19,119 by 2027. At the same time, the number of billionaires in the country is expected to reach 195 by the next five years. In the year 2022, the number of Indian billionaires increased to 161 and in 2021, their number increased to 145.
According to the report, the number of rich people in the country with assets of more than 1 million dollars increased to 7,97,714 last year, compared to 7,63,674 in 2021. This number is expected to increase to 16,57,272 in the next five years. According to the report, the number of ultra-rich globally decreased by 3.8 percent in 2022, while their number increased by 9.3 percent in 2021 a year earlier.
Last year, geopolitical uncertainty and the side effects of an economic slowdown affected wealth creation opportunities for the ultra-rich. In India too, this has affected the wealth of the ultra-rich and their numbers have declined by 7.5 percent year-on-year. The rise in interest rates and the strengthening of the dollar against the rupee also affected the wealth of super-rich Indians.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “In recent times, increased activity in core and non-core sectors has fueled India’s economic growth. Apart from this, new wealth is also being created along with India becoming a global startup hub.