The growth of wealth in India is accelerating rapidly at an increasing rate making India ahead of its global competitors. According to sources, India ranked at 6th in Ultra High Net Worth Individuals (UHNWI) and is expected to take up the 3rd position among 89 countries in the next decade.
If we go by the existing reports, India constitutes about 2% of the world’s total millionaires that is 264300 in number. Also, among the total number of billionaires of the world, 95 are Indians that is 5%.
India has greatly added to the number of UHNWI by 500 every year in the last ten years. And in the next decade it is expected to increase to 1000 new people adding every year. In just one year from 2015 to 2016 the UHNWIs increased by 12% with net worth of 30 million dollars. Looking at the growth rate, forecast says that the it will increase by 150% from 2016-2026.
As obvious, this increase will also have a impact on the real estate market. After demonetization, this market had seen a downfall but the wealthy Indians across the country are showing their priority in the office segment. The residential market will also witness an increase as 40% of the wealthy Indians are likely to invest there in the next two years.
According to a survey, it is estimated that 25% Indians are also willing to purchase properties overseas. This is because many Indians send their children abroad for further studies. This leads to buying of properties which is an investment also and at the same provides housing for their children also.
Delhi has the second highest number of UHNWIs with 680 with only Mumbai ahead of it with 1340. With such amounts of wealth creation, Delhi is expected to rise in the realty market in the coming years.
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