The world added 31,000 ultra-high net worth individuals (UHNWIs) to its fold in 2019, taking the total number of such people – those with a net worth of $30 million or more – to 513,200, says the Knight Frank Wealth Report for 2020. This translates into a 6.4 per cent jump over 2018.
India, according to Knight Frank, ranks 12th and had 5,986 such individuals in 2019, which is likely to reach 10,354 by 2024. The number of billionaires in India, on the other hand, is likely to reach 113 by 2024, up from 104 in 2019. Amongst asset classes, Indian UHNWIs are most aggressive in equity investment with 72 per cent willing to invest in this asset class compared to a global average of 29 per cent.
The survey is based on responses provided during October and November 2019 by 620 private bankers and wealth advisors who manage over $3.3 trillion of wealth for UHNWI clients spread across 200 countries and territories.
North America, according to Knight Frank, dominates the UHNWI landscape, with over double the UHNWI population of Europe.
Asia, on the other hand, is quickly closing the gap on Europe