India to see highest growth in ultra-wealthy over 5 years – Mumbai | Mumbai News – Times of India | IIT EXPERT



Mumbai: Mumbai rose to number 8 globally on Knight Frank’s Prime International Residential Index (PIRI) in 2023, up from the 37th spot in 2022 in terms of annual luxury residential price rise.
“Bengaluru stood at 59th rank compared to 63rd in 2022, recording a 2.2% YoY increase in 2023,” said Knight Frank’s ‘The Wealth Report 2024’ released on Wednesday.
Of the 100 luxury residential markets tracked, 80 recorded positive to neutral annual price growth. Manila (26%) led the rankings while Dubai (16%), last year’s frontrunner, slipped one spot. The Bahamas (15%) came in third place with Algarve and Cape Town (both 12.3%) completing the top five.
Monaco was the world’s most expensive real estate market where $1 million can get you 16 sq m of space, followed by Hong Kong (22 sq m) and Singapore (32 sq m) in 2023.
Comparatively, in Delhi, one can purchase 217 sq m, which accounts for a reduction of almost 4% from 226 sq m in 2022. Bengaluru recorded a 2.1% space reduction from 385 sq m in 2022 to 377 sq m in 2023.
The Wealth Report said 32% of India’s ultra-high-net-worth individuals’ (UHNWIs) wealth is allocated towards residential real estate asset class. UHNWIs are individuals with a net worth of $30 million and above.
“Nearly 14% of their residential portfolio is allocated outside India. About 12% of India’s UHNWIs plan to buy a new home in 2024. A similar percentage of wealthy individuals in India purchased a new home in 2023. Globally, 22% of the ultra-wealthy are expected to purchase a home in 2024. The report further highlighted that on an average an Indian UHNWI owns 2.57 homes while a sizable 28% rented out their second homes during 2023,” it said.
The number of Indian UHNWIs is expected to increase to 19,908 by 2028 from 13,263 in 2023, a 50.1% growth, the highest growth in the number of UHNWIs for any country, in the next five years, said the report.

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