New Delhi: The number of extremely wealthy people in India fell 7.5% last year to 12,069 but is expected to rise again to 19,119 in the next five years. This expectation has been expressed in a report. Wealth advisory firm Knight Frank said in a report released on Wednesday that the number of ultra-wealthy Indians with a net worth of more than $30 million is expected to reach 12,069 in 2022. This shows a decline of 7.5% as compared to the year 2021.
Likely to increase to 19,119 by 2027
However, the advisory firm has released ‘The Wealth Report 2023′ said that the number of ultra-rich people in the country is expected to increase to 19,119 by 2027. At the same time, the number of billionaires in the country is expected to reach 195 by the next five years. In the year 2022, the number of billionaire Indians increased to 161 while in 2021 their number was 145. According to the report, the number of rich people in the country with assets of more than $ 1 million increased to 7,97,714 last year while in 2021 their number was 7,63,674. This number is expected to increase to 16,57,272 in the next five years. The report says that in the year 2022, there was a decline of 3.8% in the number of extremely wealthy people globally, while their number increased by 9.3% in 2021, a year earlier.
The effects of the economic downturn
Last year, geopolitical uncertainty and the side effects of the economic slowdown affected wealth creation opportunities for the ultra-rich. In India too, the wealth of the super-rich got affected due to these reasons and their number fell by 7.5% on an annual basis. The wealth of ultra-rich Indians were also affected by the rise in interest rates and the strengthening of the dollar against the rupee. Shishir Baijal, Chairman and Managing Director, said that in recent times, India’s economic growth has gained momentum due to strong activities in core and non-core sectors. Apart from this, new wealth is also being created with India becoming a global startup hub.
