At 1,094, Mumbai has the most ultra high net worth individuals (UHNWI) in India followed by Delhi's 545.The next decade will see the numbers increase to 2,243 in Mumbai and to 1,128 in Delhi, said the Knight Frank Wealth Report 2016. UHNWI are those with net assets of over $30 million (approximately Rs 204 crore), excluding their primary residence. According to the data prepared for the 2016 report by wealth intelligence company New World Wealth, there are now 1,87,500 UHNWIs across the world.
Meanwhile, in the past 10 years, the billionaire count in India jumped 333% to 78 people while the global growth was just 68% to 1,919 people. By 2025, India will account for 6% of the world's billionaire population. So where do the super-rich prefer to stay?
This year, London has beaten New York for the second successive time to win the accolade of “the most important city to UHNWIs“, according to the Attitudes Survey of wealth advisors' results. Singapore, Hong Kong, Shanghai and Dubai are on positions three to six.
Residential real estate accounts for a quarter of the average UHNWI's investable wealth, according to the survey , while commercial property investments make up 11%.
“Over the past 10 years, 54% of the respondents said their clients had increased their allocation to residential property . Just over 40% expected it to increase further over the next 10 years, with 30% of clients likely to consider a residential purchase in 2016,“ said the report.
When asked what factors had been growing in importance as a reason for UHNWIs to buy residential property , the most popular response (55% of the respondents) was as an investment to sell in the future.