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The Knight Frank Wealth Report 2023 claims that the number of millionaires in India will double in five years and the number of billionaires will increase by one and a half times. By 2027, the number of high net worth individuals in the country will cross 16 lakh. That is, those whose net worth is $ 1 million or more will increase to $ 1.6 million. By 2022, the number of such people in the country has increased to 7.97 lakh. According to the report, the number of rich will increase by 108 percent in five years.
Number of billionaires will increase in India by 2027
According to the report, India’s ultra-high-net-worth individuals, who have a net worth of more than $30 million, will grow at a rate of 58.4% through 2027. In 2027, there will be 19,119 people with a net worth of over 30 million in the country. By 2022, the number of such people in the country is 12,069. Whereas by 2027, the number of billionaires in India will increase from 161 to 195.
Rich list sees big drop in 2022 due to hike in interest rates and other reasons
In 2022, high-net-worth individuals were projected to decline by 3.8 percent worldwide. Whereas in 2021, an increase of 9.3 percent was recorded. The wealth and investment portfolios of the wealthy were affected by the economic downturn, frequent rate hikes, and increased geopolitical and political uncertainties. This situation was also seen in India. The rich list was projected to decline by 7.5 percent in 2022 due to interest rate hikes and other reasons.
