India to have more billionaires than UK in next 10 years

Number of billionaires in India is expected to rise by 98%: Knight Frank

There will be more billionaires in India than in the UK due to accelerated wealth creation in the country, said a new report.

The number of billionaires in India is expected to rise by 98%, highest after Indonesia in the next 10 years, from 60 to 119 by 2023, 'The Wealth Report 2014,' released by UK based property consultant Knight Frank today.

In Indonesia, the number of billionaires is expected to grow by 143% and in China comes third at 80%.

The number of "Centa-Millionaires" - one whose wealth is estimated at $100 million in India expected to double over the next decade, witnessing a 99% growth from 383 to 761.

Mumbai on the fourth spot with a 10 year Ultra HNIs growth of 126% among all global cities which is expected to increase from 577 to 1,302 by 2023.

Delhi is on the fifth spot with a 10 year Ultra HNIs growth of 118% among all global cities; which is expected to increase from 147 to 321 by 2023.

"By 2023, only three countries in the world namely USA, China and Russia will have more billionaires than India. During the next decade, at 98%, growth in billionaire count in India will be much faster than either of the global (38%) or Asian (66%) benchmarks. The out-performance in growth of ultra high networth individuals count in India (99%) is even larger when compared to the global or Asian benchmark," said Samantak Das, Chief Economist & Director Research, Knight Frank India.

According to the report, majority of Ultra HNIs in India are expected to allocate more money in real estate in the coming years.