According to the ‘Knight Frank Wealth Report 2016, India’s share in the total number of billionaires is expected to rise by 6% by 2025, It is also expected to account for 5% of the total ultra high net worth individuals (HNWIs) in the world by that time.
In the last ten years the billionaire count in India jumped to 78, while the global growth was just 68%.
The report also said out of 97 cities globally, Mumbai and Delhi currently rank 21 and 33, and are slated to move up to 14 and 29 positions by 2025.
Mumbai leads in India and it will continue to maintain its number one position, even as the rate of growth in the HNI population will be marginally higher in Delhi than in Mumbai. Interestingly fine arts and antiques have replaced watches, while jewellery continues to be the most preferred collectible investment, followed by cars and bikes.
All the same, financial instruments remain the preferred investment asset class among wealthy Indians.