Number of Indian Billionaires Expected To Double By 2023: Knight Frank Wealth Report

The global key findings of the report state that the number of ultra-wealthy individuals across the world rose by 3% last year, and the number of ultra-high net worth individuals (UHNWIs) by 2023 is set to grow by nearly 30%. Also, New York will overtake London as the most important city for the ultra-wealthy by 2024. Three of the top five most important cities by 2024 will be in Asia. The wealth report's Prime International Residential Index (PIRI) confirms that Asian markets, led by Jakarta, experienced the biggest price growth in 2013. It was followed by Auckland, Bali, Christchurch and Dublin.

Further, Asian cities will see the fastest growth in the number of UHNWIs in the next decade, surpassing the total number in North America. USA will remain dominant in terms of the number of billionaires over the next 10 years, despite growth in the East. It will still have approximately 30% of the world's HNWIs in 2022, down from the current 34%. The report also states that the top 5 future hotspots for investments are: Sao Paulo-Latin America, Istanbul and Abu Dhabi-Middle East, Mumbai-Asia Pacific and Sydney-Asia Pacific.

Liam Bailey, Global Head Research, said, "History, location and their long-established wealth mean that London and New York's positions look unassailable, at least for now. It is further down our leader board that the real city wars are being waged. The main battleground is Asia, where a handful of locations are slugging it out in the hope of establishing a clear lead as the region's alpha urban hub."

The key findings from India state that the country is a booming land for the ultra-wealthy. India is ranked sixth in the top 10 countries for billionaires as of 2013 with 60 billionaires. It is expected to increase to 119 with a 98% growth by 2023. The number of centa-millionaires in India is expected to double over the next decade, witnessing a 99% growth from 383 to 761. The number of UHNWIs in India is also expected to double over the same period, rising by 126% in Mumbai and around 118% in Delhi, despite recent economic concerns. Mumbai retains its position as the 16th most expensive city in the luxury home sector with an average price of 95.7 per sq mt.

Dr. Samantak Das, Chief Economist & Director Research, Knight Frank India said, "By 2023, only three countries in the world namely USA, China and Russia will have more billionaires than India. During the next decade, at 98% growth in the billionaire count, India will be much faster than global (38%) or Asian (66%) benchmarks. The out-performance in the growth of UHNWI count in India (99%) is even larger when compared to the global or Asian benchmark."