ForumIAS announcing GS Foundation Program for UPSC CSE 2025-26 from 27th May. Click Here for more information.
Source: The post is based on the article “Wealth of 9 in every 10 ultra-rich Indians rose in ’22: Knight Frank report” published in Business Standard on 16th January 2023.
What is the News?
Real estate company Knight Frank has released a report titled “Wealth Report 2023 Attitude Survey: India Findings”.
What are the key findings of the report?
Wealth of Ultra-high-net-worth Individuals(UHNWIs) in India: The wealth of nine out of every 10 UHNWIs in India increased in 2022. This is more than double the global average where four in every 10 enjoyed wealth growth.
UHNWIs in India own 5.1 homes which are higher than the global average of 4.1.
19% self-made Indian UHNWIs below the age of 40. The global average is 23%.
About 84% of the investable wealth of Indian UHNWIs is allocated between equities, real estate and bonds.
In 2023, 100% of the UHNWIs in India and 69% globally expect their wealth to grow.
What UHNWIs want: Art remains the first choice as the “investment of passion” in India followed by watches and luxury handbags.
– The UK is the most favoured country for home investment; UAE and USA follow.
– 18% of Indian UHNWIs want to apply for new citizenship in 2023.
