India's billionaire population to double in the next decade

By 2024, the country will have 136 people with a net worth of over Rs 6,270 cr as opposed to 68 at present

India will have the fastest growth in the number of dollar billionaires, compared to the rest of the world, in the coming decade.

By 2024, the country will have 136 people with a net worth over Rs 6,270 crore, as opposed to 68 at present. This will catapult India among four nations with the largest billionaire population. It currently ranks seventh.

Similarly, ultra high net worth individuals (UHNWIs), those with net assets over $30 million, will reach 3,371 from the current 1,652, according to the ninth edition of Wealth Report, issued by real estate advisory firm Knight Frank.

“India is rising from a low base and that’s why the growth will be faster compared to other regions,” said Samantak Das, director-research, Knight Frank India. China, for example, already has 184 billionaires, 2.7 times India’s. The ultra wealthy population is expected to reach 338 in the next 10 years.

Most of the wealthy in India are concentrated in six cities. Delhi, Mumbai, Bengaluru, Chennai, Hyderabad, and Ahmedabad have 58 per cent of the richest people and this will become 68 per cent in the next decade. Presently, Mumbai tops with 619 UHNWI, followed by Delhi (157) and Bengaluru (75).

Wealthy Indians are in love with real estate as an investment option. Their current residences and second homes make for 33 per cent of their total net worth. On an average, each owns 3.2 homes. A quarter of them are planning to buy more residences in the current year.

While most of them are still bullish on equities and on their own businesses, the love for gold is fading away as a preferable choice of investment. Compared to last year, investment in equity is expected to fall only five per cent; in gold, it will decline by 55 per cent.

A majority of ultra rich Indians are optimistic that their businesses and investments will do well this year, helping them accumulate more wealth. Succession in the business remains their top concern, followed by cyber crime and online privacy.