‘Most ultrahigh net worth individuals from Mumbai’

India’s business capital, Mumbai, reported the very best variety of 1,596 ultrahigh internet value people (UHNWIs, or folks with internet value of $30 million and above) within the nation in 2021.

The UHNWI inhabitants within the metropolis is predicted to extend by 29.6 per cent to 2,069 by 2026. In the final 5 years, Mumbai’s ultra-rich inhabitants has grown by 42.6 per cent from 1,119 in 2016 to 1,596 in 2021, in keeping with Knight Frank’s The Wealth Report 2022.

Amongst key Indian cities, Bengaluru witnessed highest development within the variety of UHNWIs (17.1 per cent rise to 352), adopted by Delhi (12.4 per cent to 210) and Mumbai (9 per cent to 1,596) in 2021.

According to Knight Frank, in India, the variety of UHNWIs has grown by 11 per cent year-on-year in 2021, the very best proportion development in Asia Pacific (APAC). Equity markets and digital adoption have been key elements driving development within the tremendous wealthy class of India. Around 69 per cent of the tremendous rich people in India is predicted to witness a rise of over 10 per cent of their internet value in 2022.

Asia continues to be the forerunner within the billionaires’ membership, contributing to 36 per cent of the full billionaires on the earth in 2021. India has ranked third by way of billionaires’ inhabitants in 2021 following US and China, it mentioned.

Shishir Baijal, chairman and MD, Knight Frank India, mentioned, “Equity markets and digital adoption have been the 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.”

“With a healthy growth in the UHNWI and billionaire population, India is expected to be one of the fastest growing countries amongst its global peers, further strengthening itself economically and emerging as a superpower in different sectors,” he mentioned.

Delhi has witnessed a rise of 101.2 per cent, adopted by Mumbai (42.6 per cent) and Bengaluru (22.7 per cent) within the final 5 years. However, within the subsequent 5 years, Bengaluru is projected to witness a rise of 89 per cent of the UHNWI inhabitants and develop into residence to 665 ultra-wealthy people by 2026.