Population of high net worth people will increase by 108 percent in five years

High Net Worth Individuals

By the year 2022, the number of high net worth individuals in the country was 797,714, which can double by the year 2027 i.e. in five years. According to a Knight Frank report, the number of HNIs is estimated to increase by 108 per cent to 1.7 million in the next five years. Let us tell you that those people whose net worth is more than one million dollars are called high-net-worth individuals. India’s ultra-high-net-worth individuals with a net worth of over Rs 30 million is projected to grow by 58.4 per cent from 12,069 in 2022 to 19,119 individuals in 2027. At the same time, the number of billionaires in India is expected to reach 161 to 195 by the year 2027.

What was the situation 6 years ago

1. 6 years ago i.e. in the year 2017, the number of HNIs was more than in the year 2022. Their number was 809,666 in the year 2017, which decreased to 797,714 in 2022, which is estimated to reach 1,657,272 by the year 2027.
2. Talking about Ultra HNI, their number was 11,529 in 2017, which increased to 12,069 in 2022. By the year 2027, their number can reach 19,119.
3. The number of billionaires has also seen a continuous increase. In the year 2017, their number was 102, which reached 161 in the year 2022. In the year 2027, it can increase to 195. Some people have estimated beyond 200.

Ultra HNIs are decreasing globally

Even though the number of HNIs and billionaires in India increased from a year ago in 2022, there was a decline of 7.5 per cent globally in UHNI. In 2022, the global UHNI population declined by 3.8 per cent. The special thing is that in the year 2021, 9.3 recorded a record breaking growth of 1.5 per cent. This is due to the strong economic rebound in 2021 and its quick reversal in 2022. In the year 2022, there was a decline of more than 10 percent in the assets of UHNI. On the other hand, there was an increase of 2.9 per cent in the number of global HNIs and the number of such people in the world reached 70 million. Only Europe has got to see such a country whose numbers have seen a decline.