India's Ultra Rich Tally To Grow The Fastest At 50% By 2028: Knight Frank

India will witness the highest growth in the number of ultra-high-net-worth individuals in the world by 2028, according to a Knight Frank LLP report.

UHNWIs—with a net worth of at least $30 million—will rise from 13,263 in 2023 to 19,908 in 2028, a 50.1% jump. Globally, the growth will be 28.1% during the five-year period, while Asia is estimated to see a rise of 38.3%, according to the report.

India's climb in this rank will be closely followed by mainland China (47%), Turkey (42.9%), and Malaysia (34.6%). The period to 2028 will see more wealth created in Asia-Pacific than in any other region, 'The Wealth Report' said.

Though, with the mobility of wealth increasing, the report said a key question is whether future growth remains within these and other high-growth markets or whether there will be a leakage of talent to Europe, Australasia or North America.

London-based firm Henley & Partners has found that Indian HNWIs, who migrated from India to various geographies across the globe, were the second-highest in 2022.

More than 2 lakh Indians gave up their citizenship in 2022, according to data tabled in Parliament last year.

The number of UHNWIs globally rose 4.2% annually to 6,26,619 in 2023, supported by global economic growth and the improved fortunes of key investment sectors, Knight Frank said. India saw a 6.1% rise in the ultra rich last year.

At a regional level, wealth creation was led by North America (7.2%) and the Middle East (6.2%), with Latin America the only region to see its population of wealthy individuals decline, the report said.

Over the next 20 years, a massive transfer of wealth and assets will occur as the silent generation and baby boomers hand over the reins to millennials, the report said.

Paris, Milan, Miami, New York City, Los Angeles, Hong Kong and Singapore will continue to attract the rich, while London may see a loss of attractiveness due to political concerns.