Chennai: In its recent wealth report Knight Frank has provided a unique insight into the attitude of ultra-high-net-worth individuals (UHNWIs) towards property investments and spending patterns across the globe and also given an annual analysis of wealth flow and property investment around the world.The report also said that India to experience 99% growth in the number of UHNWIs over the next decade.
GLOBAL KEY FINDINGS
• Number of ultra-wealthy individuals across the world rose by 3% last year; and number of Ultra High Net Worth Individuals (UHNWIs) in 2023, is set to grow by nearly 30% over the next decade
• New York will overtake London as the most important city for the ultra-wealthy by 2024; three of the top five most important cities by 2024 will be in Asia
• The Wealth Report’s Prime International Residential Index (PIRI) confirms that Asian markets, led by Jakarta, experienced the biggest price growth in 2013, followed by Auckland, Bali, Christchurch and Dublin
• Asian Cities to see the fastest growth in the number of UHNWIs individuals in the next decade surpassing the total number in North America; USA will remain dominant in terms of number of billionaires over the next 10 years, despite growth in the east. North America will still have approximately 30% of the world’s HNWIs in 2022, which is down from the current 34%.
• Top 5 future hotspots for investment are - Sao Paulo- Latin America; Istanbul- Middle East; Abu Dhabi- Middle East; Mumbai- Asia Pacific; Sydney- Asia Pacific Liam Bailey, Global Head Research said: “History, location and their long-established wealth mean that London and New York’s positions look unassailable, at least for now. It is further down our leader board that the real city wars are being waged. The main battleground is Asia, where a handful of locations are slugging it out in the hope of establishing a clear lead as the region’s alpha urban hub.”
INDIA KEY FINDINGS
India- a booming land for the ultra-wealthy
• India on the sixth spot in the top 10 countries for billionaires as of 2013 with 60 billionaires; expected to increase to 119 with a 98% growth by 2023
• India to experience 99% growth in the number of UHNWIs over the next decade
• The number of centa-millionaires in India expected to double over the next decade, witnessing a 99% growth from 383 to 761
Most Wealthy Indian Cities
• The number of UHNWIs in India is expected to double over the next 10 years, rising by 126% in Mumbai alone and around 118% in Delhi, despite recent economic concerns
• Mumbai on the 4th spot with a 10 year UHNWIs growth of 126% among all global cities which is expected to increase from 577 to 1,302 by 2023
• Delhi on the 5th spot with a 10 year UHNWIs growth of 118% among all global cities; which is expected to increase from 147% to 321% by 2023
• Mumbai retains its position as the 16th most expensive city in the luxury home sector with an average price of 95.7 per sq. m.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, said: “Wealth creation in India particularly is expected to accelerate with the number of UHNWIs expected to double over the next decade. This reflects a more positive outlook for India’s economy after 2013 was marked by capital outflows and a sharp devaluation of the rupee.”
Liam Bailey, Global Head of Residential Research at Knight Frank, added: “Continued global wealth creation particularly in emerging economies, has been a key driver for prime property markets. This trend looks to continue with a forecast increase of 28% in the total number of UHNWIs around the world by 2023. The growth of UHNWIs in China and India, coupled with an eye catching 144% increase in Indonesia and a stellar 166% hike in Vietnam, will help push the total number of UHNWIs in Asia up by 43%.”
Dr. Samantak Das, Chief Economist & Director Research, Knight Frank India: “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 UHNWI count in India (99%) is even larger when compared to the global or Asian benchmark.”
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