Hyderabad has emerged ahead of other key cities like Pune which came in third in the list with 360 UHNWIs and Bengaluru with 352 individuals followed by Kolkata with 257, Delhi (210), Chennai (160) and Ahmedabad (121).
Mumbai was home last year to 1,596 ultra-high net worth individuals (UHNIs) with a net worth of $30 million and above, making it the highest in the country followed by India’s pharma and biotech capital and IT hub - Hyderabad where the number of such persons stood at 467, according to Knight Frank’s `The Wealth Report 2022’.
Hyderabad has emerged ahead of other key cities like Pune which came in third in the list with 360 UHNWIs and Bengaluru with 352 individuals followed by Kolkata with 257, Delhi (210), Chennai (160) and Ahmedabad (121).
Property consultancy Knight Frank in its ‘The Wealth Report 2022’, listing eight cities on the basis on the UHNI they have, said the ultra-wealthy population in Hyderabad is expected to increase by 56% to 728 by 2026. The city’s ultra-rich population in the last five years moved up 48.7% from 314 in 2016 to 467 in 2021.
The number of UHNIs in the eight cities grew by 11% year on year in 2021, which was the highest percentage growth in Asia Pacific region. India also ranked 6th in terms of growth in UHNIs who are self-made and aged below 40 years. Globally, the number of the ultra-wealthy population saw a year-on-year increase of 9.3% to 6,10,569 in 2021.
Shishir Baijal, CMD, Knight Frank India in a release said, “Equity markets and digital adoption have been key factors driving the growth of UHNWIs in India. The growth in younger, self-made UHNWIs has been incredible in India and we foresee them to drive new investment themes and innovation.”
According to the report, about 29% of the wealth of Indian ultra rich is allocated towards purchase of principal and second homes with another 22% of their investable wealth allocated for direct purchase of commercial property, including rental property or offices, among others. The survey said 8% of the proportion of investable wealth was allocated towards indirect properties, which included REITs and funds last year. Nearly 60% of the overall wealth of UHNIs in India was allocated towards real estate investments in 2021. Further, art was the most preferred investment of the UHNIs, followed by jewellery and classic cars.
