Ultra-Rich Population Sees A Decline In India: Report!

Thu May 18 2023 16:38:52 GMT+0530 (India Standard Time)

India might be a developing country. But it is also the home of many rich families and Mukesh Ambani is the richest in the whole of Asia. Earlier Gujarat-based business tycoon Gautam Adani emerged as the world's richest for a brief period by surpassing billionaires in America.

Now a report says that the percentage of rich people who come under the category of Ultra High Networth Indians decreased slightly. As much as 7.5 percent population of the category decreased. This category has a net worth of over $30 million. The report was announced by a popular film.

The Wealth Report 2023 in its latest report said that the number of extremely rich individuals in 2022 saw a small dip. However, it also said that the percentage will increase in the coming years, and by 2027 it will reach around 58.4 percent.

Looking at the data mentioned in the report, there are 12,069 extremely rich people in the country in 2022. But the percentage saw a decline of 7.5 percent. A few factors played a role in this like economic slowdown and geopolitical uncertainties.

Knight Frank also compared India and China in this and said that the Dragon country China would see a big decline from 99.6 percent to 49.8 percent which is almost half the growth. Citing the observations of the International Monetary Fund, Knight Frank said that India is one of the fastest-growing economies in 2023.