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Overcoming the Covid blues, the number of Indian billionaires increases | India News

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NEW DELHI: The number of high net worth individuals (HNWI), with wealth over $ 1 million, and ultra-high net worth individuals (UHNWI), with wealth over $ 30 million, decreased by 8% and 2% to 3.5 lakh and 6,884 respectively in 2020 due to Covid-19.
However, the number of billionaires rose to 113 in 2020 from 104 in 2019, said international real estate consultancy Knight Frank in its ‘The Wealth Report 2021’. The billionaire club in India is also expected to increase by 43% to 162 by 2025.
Growth will exceed the world average growth of 24% and the Asian average of 38% during this period. The report projected that the number of HNWIs is likely to increase by 75% to 6.1 lakh by 2025.
The number of UHNWIs is likely to increase by 63% to 11,198 by 2025, according to the report. Mumbai, Delhi and Bengaluru have a high concentration of wealth with 920, 375 and 238 UHNWI respectively.
“With economic operations reaching high levels of efficiency after the pandemic, and as India strives to enter the $ 5 trillion club in the coming years, new emerging economic opportunities will help generate lucrative wealth-creating assets. , than adding new wealthy people in the country, ”said Shishir Baijal, CMD, Knight Frank India.
The report also studied the depth of pockets required to join the richest 1% in selected countries and territories. In the Asian region, Singapore has the highest entry threshold with $ 2.9 million required to join the top 1% club. The entry point for India to enter the 1% rich club is $ 60,000.

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