Hyderabad was home last year to 467 ultra-high net worth individuals (UHNIs), making it the second highest in the country after Mumbai where the number of such persons with a net worth of $30m and more stood at 1,596.
Property consultancy Knight Frank in its ‘The Wealth Report 2022’, listing eight cities on the basis on the UHNI they have, said the ultra-wealthy population in Hyderabad is expected to increase by 56% to 728 by 2026. The city’s ultra-rich population in the last five years moved up 48.7% from 314 in 2016 to 467 in 2021.
The number of UHNIs in the eight cities — Mumbai, Hyderabad, Pune, Bengaluru, Kolkata, Delhi, Chennai and Ahmedabad — grew by 11% year on year in 2021, which was the highest percentage growth in Asia Pacific region. India also ranked 6th in terms of growth in UHNIs who are self-made and aged below 40 years. Globally, the number of the ultra-wealthy population saw a year-on-year increase of 9.3% 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 younger, self-made UHNIs has been incredible in India and we foresee them to drive new investment themes and innovation,” Knight Frank India CMD Shishir Baijal said in a release.
The Wealth Report said 29% of the wealth of the UHNI in India is allocated to purchase of principal and second homes followed by 22% towards commercial property, including rental property and offices. The survey said 8% of the proportion of investable wealth was allocated towards indirect properties, which included REITs and funds last year. Nearly 60% of the overall wealth of UHNIs in India was allocated towards real estate investments in 2021. Further, art was the most preferred investment of the UHNIs, followed by jewellery and classic cars.
