India's rich club to grow 75% by 2025 despite pandemic: Knight Frank study

As many as 91% of the ultra-rich are expecting a massive increase in their wealth over the next five years

The economic turmoil resulting from the Covid pandemic has impacted a large section of the population, including high net-worth individuals (wealth over Rs 7 crore), but it is unlikely to impact the rapid rise in their numbers. A global report by Knight Frank shows the country's rich club to grow by 75 per cent by 2025, compared to 41 per cent globally. While the ultra-rich population to swell by 63 per cent, second only to Indonesia (67 per cent), indicating further concentration of wealth in India.

While a large section of the population is facing uncertainty over their financial status, a staggering 91 per cent of the ultra-rich are expecting a massive increase in their wealth over the next five years. Further, the threshold for the top one per cent of the population, in terms of wealth, to nearly double to Rs 8 million in India – indicating a wider gap between the underprivileged and the well-offs.