Kolkata, Mar 1 (FN Representative) Kolkata is now home to 257 ultra-high networth individuals (UHNWIs, with net worth of US$ 30m and above) in the year 2021, according to Knight Frank’s the Wealth Report -2022, Further, the ultra-wealthy population in this metropolis is expected to increase by 43.2 percent to 368 by the year 2026. In the last 5 years, Kolkata’s ultra-rich population grew by 115.5 pc from 119 in 2016 to 257 in 2021, recording fastest growth in India during 2016-21, the study report said. In India, the number of UHNWIs grew by 11 pc YoY in 2021, the highest percentage growth in APAC. India also ranked 6th in percentage growth of the UHNWI population that is self-made and under the age of 40 years. Globally, the number of the ultra-wealthy population saw an annual increase of 9.3 pc to 610,569 in 2021.
“Equity markets and digital adoption have been key factors driving the growth of UHNWIs in India. The growth in younger, self-made UHNWIs has been incredible in India and we foresee them to drive new investment themes and innovation.With a healthy growth in the UHNWI and Billionaire population, India is expected to be one of the fastest growing countries amongst its global peers, further strengthening itself economically and emerging as a superpower in different sectors.” Knight Frank chairman Sisir Baijal said in the report on Tuesday. According to the Attitude Survey that is part of the Wealth Report 2022, 29 pc wealth of Indian UHNWIs is allocated towards purchase of principal and second homes. Further, 22 pc of UHNWIs investable wealth was allocated towards direct purchase of commercial property (including rental property, offices etc) while 8 pc of the investable wealth was allocated towards indirect purchase of commercial property (includes REITs, funds). Additionally, the survey cited that 8% of the property portfolio is held overseas. Knight Frank LLP is the leading independent global property consultancy, headquartered in London.