Hyderabad was home to 467 ultra-high net worth individuals (UHNIs) last year, the second highest in the country after Mumbai, with 1,596 such individuals with net worth of $30 million and above.
Property consultancy Knight Frank, in its ‘The Wealth Report 2022’, listing eight cities based on UHNI, said the ultra-wealthy population in Hyderabad is expected to grow by 56% to 728 by 2026. The city’s ultra-rich population grew by 48.7% over the past five years from 314 in 2016 to 467 in 2021.
The number of UHNIs in eight cities – Mumbai, Hyderabad, Pune, Bengaluru, Kolkata, Delhi, Chennai and Ahmedabad – grew by 11% in 2021, the highest percentage increase in the Asia Pacific region. India also ranks sixth in terms of increase in self-made and UHNIs below 40 years of age. Globally, the number of the ultra-wealthy population has seen an increase of 9.3% year-on-year to 6,10,569 in 2021.
“Equity markets and digital adoption have been key factors driving the growth of UHNIs in India. The growth in young, self-made UHNIs in India has been incredible and we are looking forward to helping them find new investments,” said Shishir Baijal, CMD, Knight Frank India, in a release. Watch the themes and innovations to drive.
The Wealth Report states that 29% of UHNI assets in India are allocated for principal and purchase of second homes, followed by 22% for commercial property, including rental properties and offices. The survey said 8% of the proportion of investable assets was allocated to indirect assets, which included REITs and funds, last year. About 60% of the total assets of UHNIs in India were allocated for real estate investment in 2021. Also, art was the most preferred investment of UHNIs, followed by jewelery and classic cars.