India is expected to see a whopping 70 percent jump in the number of demi-billionaires in the next three years. As per a recent Knight Frank report, India is expected to surpass France and UK in the number of demi-billionaires by 2022.
The report, titled “The Wealth Report: Autumn Update 2018,” states that India will grow at a higher pace economically, which in turn is expected to push more people into the bracket of net worth more than $ 500 million. In fact, the number of demi-billionaires is expected to touch 340 by 2022 as compared to just 200 in 2017.
The report also mentions that it is for the first time in 2022 that the number of demi-billionaires in Asia will surpass the number of demi-billionaires in North America. Noteworthy here is that while the U.S. is expected to continue to lead the world in this regard with expected 2500 demi-billionaires by 2022, China will lead Asia with the number rising from 490 to 990 during the same period. Click here for the complete report.
However, with 340 demi-billionaires under its belt, India will very easily surpass the developed countries like France and the UK and Russia in the next four years.
In fact, it is seen in other surveys and reports that Indians are now the fourth-largest group of overseas buyers of property in London, after China, Russia, and the US, which has led to 2 billion pounds of investment over the past year.
Clearly, the higher economic growth will increase the number of people in higher and middle-income group. With the extra net-worth, people are expected to spend more on luxury items like art, vintage cars, and luxury real estate.
As reported earlier, the higher economic growth is leading to a shift in the Indian real estate with ultra-luxurious high-end housing projects witnessing a rise in demand.