Despite weak rupee and slowing economy, the ultra rich in India grew their wealth and in numbers. According to a new report, there were 7,850 ultra high net worth Indians at the end of FY2013, with a total wealth of $935 bn.
The report, Wealth X & UBS said that more than 120 Indians joined the ultra rich rank. The number of ultra rich went up marginally (1.6%) from last year and the ultra rich were richer by 1.1% as compared to last year.
The interesting insight about India is that 16% of the UHNW population is made up of women and this is the highest among any of the focus countries in the report.
India has over 1,250 ultra rich women with a combined net worth of $95 billion.
India stood 3rd in the list of Asian countries with the highest UHNW population, which was led by Japan with 14,270 individuals with a combined net worth of $2,335 billion.
China came in second with a population of 10,675 with a combined net worth of $1,580 billion, but the country has shown a negative growth of -5.1% in population and -4.1% in combined net worth since 2012. The report said:
Despite India’s modest 1.6% UHNW population growth, the country added more UHNW individuals(120) than any other BRICS nations in the past 12 months.
A majority of the ultra rich population– 3600 individuals with a combined fortune of $130 billion– fell in the $30million-$49 million tier.
Billionaires were the weakest performing wealth tier in India in the last 12 months, joined only by those worth between $200 million and $249 million who did not increase their wealth. Only 103 individuals in the $1 billion+ tier and had a combined wealth of $180 billion.
Mumbai and Delhi dominate with more than 50% of the country’s UHNW population based in one of these two cities. Mumbai had 2,135 UHNW individuals followed by Delhi with 1,980 individuals.
Bangalore came in at third place with only 750 UHNW individuals.