Inequality among Indian rich higher than anywhere else
In India for every one billionaire there were just 26 ultra high net-worth individuals whose net assets are over $30 million excluding their primary residence. While in Japan for every billionaire there were 609 UHNIs and in Brazil and South Africa the ratio was1:129 and 1:119 respectively because these markets are in initial stage. Worldwide for every one billionaire there are 100 UHNIs.
The data Knight Frank conclude that wealth in India is getting intense among the hands of the country’s richest people.
Mr. Samantak Das, chief economist and director of research and advisory services, Knight Frank India, says that the money is changing its direction towards the rich people. This clearly shows that the economic growth is there but inequality is still increasing.
The countries like China and Malaysia posses the ratio of billionaires to millionaires is 1:44 and 1:37 respectively.
The report concluded that in last 10 years the number of billionaires in India increases from 23 to 60 with the increase of 161 percent and the number of UHNIs increases from 598 to 1,576 with the rise of 154 percent. Mumbai accounts for nearly to 37 percent of this wealth whereas Delhi accounts for 9 percent.
Mr. Das also added that the increase of this club of rich people helps in the growth of economic with the increase of 8 percent in the last 10 years. The period of 2008-2009 was the bad time for the economic condition of the country.
Knight Frank concluded that the billionaire-to-UHNI ratio will decrease to 1:22 over the next 10 years while the capital of Indian billionaires will increase rapidly.
As per the study, India will be fourth largest in terms of the presence of billionaires in the world, by 2023, just behind United States, China, and Russia. Last year, the country is at 6th position concerning the number of billionaires. On other side, the country will be in 19th position in the world on the UHNI count; the same rank it had last year.
Knight Frank estimated that over the next 10 years the increase of billionaires and millionaires in the country will be around 98 percent and 99 percent respectively. As the growth rate will be higher, than the international market of 38% for billionaires and 28% for millionaires.
Source: The Times of India
Billionaire-to-UHNI ratio, Billionaires, Brazil, Club of rich people, Delhi, Japan, Knight Frank, Knight Frank India, Malaysia, Millionaires, Mumbai, Russia, Samantak Das, UHNIs, United States
