India is home to as many as 8,200 ultra high net worth (UHNW) individuals whose combined wealth amounts to a whopping $945 billion, says a study.
According to the study by Wealth X, a global wealth intelligence and prospecting company, India has 8,200 UHNW individuals, of which 115 are billionaires.
The combined wealth figure of these UHNW individuals is equivalent to about 70 per cent of India’s total economy size, but the study the did not give any specifics taken into account for calculation of wealth size.
The study said that fortunes of Indians are set to increase rapidly as “new millionaires are being created every day in India”.
“New millionaires are being created every day in India. Some of these moguls become UHNW individuals within a few years of creating their initial fortunes,” the study said.
As per the study, an UHNW individual has a wealth of at least $30 million.
Meanwhile, according to Forbes magazine, the number of billionaires in India has fallen by a dozen to 57 this year from last year, largely owing to “inflation and corruption scandals”.
The Wealth X study further said that there are 6,150 Indians having wealth between $30 million and $100 million, and nearly 900 have wealth between $100 million and $200 million.
Between $200 million and USD 500 million, there are 880 Indians, while in the range of $500 million to $999 million, there are 160 Indians, the study said.
According to Wealth X estimates, North America has the highest concentration of UHNW individuals with as many as 1,925 people, followed by Europe which is home to 1,080 UHNW people.
Asia-Pacific region follows close behind with 955 UHNW individuals, the Middle East is home to 750 UHNW NRI population.
There are at least 4,960 Non-Resident Indians (NRIs) UHNW individuals with a combined worth of about $465 billion, Wealth X said.
Interestingly, India’s UHNW population is larger and worth more than the global UHNW NRI population.
Luxury auto makers are betting on India’s super rich to spur sales, but spending by India’s ultra rich is not confined to premium cars. As per the report, they are “not just buying cars, gold and property, they are also acquiring companies outside India.”
Some of the largest M&A deals reported by India’s UHNW in the last decade include the $12.8 billion Tata-Corus deal, and the $10.7 billion Bharti-Zain transaction among others.
The report further said that Asia-Pacific, which is home to 42,525 UHNW individuals, representing $6.2 trillion of fortune will surpass the UHNW population of Europe in 2024 and overtake that of the US in 2032.