India is experiencing an unprecedented increase in the number of people who are KNIGHT FRANK, according to the London consulting company Knight Frank. Over the next few years, India is expected to be the title of the country with the fastest increase in the number of fools in the world.
According to Knight Frank, the number of people with net capital of at least $ 30 million (UHNWI-Ultra High-Net-Werth Individuals) in India increased by 6.1% last year, reaching 13 263 people. It is expected that by 2028 this figure will grow by 50.1%, which will provide India leadership in terms of growth among countries.
Mumbai overtook Beijing in the list of cities-millionaires
Earlier this year, Mumbai became the financial center of India and bypassed Beijing, taking third place in the world in the number of billionaires after New York and London. This emphasizes the new status of India as one of the main players in the global financial market.
Elite real estate and offshore
About 30% of Indian UHNWI investments are sent to elite real estate, both within the country and abroad. There is a tendency to own more than two homes among Indian rich, and about 12% of them plan to buy new real estate in 2024. Dubai, in turn, has become a popular area for offshore investments, with Indian investors have about 20% of elite residential facilities in this city.
"Offshore real estate has become an important part of the Strategy for Indians. This is a way to transfer part of their assets abroad," Alo Sigal, President of Nuvama Private Asset Management, explained.
The heyday of investment in startups
Among the younger generation of rich Indians, startup investment is becoming more and more popular. Investments in the company at an early stage of development are considered as a way of diversification of portfolios and creating wealth. Natin Changappa, head of Standard Charter Bank, noted that the Indian rich are actively investing money in startups in sectors such as Fintech, health care and technology.
