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India now has 2,697 ultra net worth individuals. That is 2,697 people with net worth of over $30 million each.
According to the latest Wealth Report from Knight Frank, India saw the largest growth in the number of ultra net worth individuals in 2018.
From 2013 to 2018, the number of UHNIs in India grew by 118 per cent, while Knight Frank estimates a further growth of 37 per cent over next five years in India, beating both the global as well as regional average.
In 2018 alone, the number is UHNIs in India grew by 39 per cent.
Among the Indian cities, Bangalore is expected to lead the UHNI growth in India. As per the report, the city will see a growth of 40 percent in UHNI population making it the first among top five future cities in the world.
"The uncertainty around US-China trade tensions, a Chinese economic slowdown and Brexit have impacted regional sentiment for the next twelve months. While a deterioration in any of these situations could further impact sentiment, Asia remains one of the key growth engines of the world economy," said Nicholas Holt, head of research at Knight Frank Asia Pacific.
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