NEW DELHI: To be among India’s 1% richest, one needs to have a net worth of just $ 175,000 (Rs 1.44 crore), as per a wealth report released by consultancy firm Knight Frank on Wednesday. This amount is much lower than the entry point in the 1% club of other countries even as India continues to see a sharp rise in rich population.
In Monaco which has the world’s densest population of super-rich individuals, the entry point for the 1% club is $ 12.4 million. Interestingly this is double the amount needed of the second-place country, Switzerland, which has an entry point at $6.6 million.
For Asia, Singapore has the highest threshold with $ 3.5 million, followed by Hong Kong at $ 3.4 million. In the Chinese mainland, whose population can be compared with India, the 1% club figure is pegged at $960,000. The wealth report notes India’s ultra-high-net-worth individuals (UHNWI) with net worth over $ 30 million is estimated to rise by 58.4%in next five years from 12,069 in 2022 to 19,119 individuals in 2027. India’s billionaire population is likely to go up from 161 in 2022 to 195 individuals in 2027.
The Indian high-net-worth-individual (HNI) population, with asset value of $ 1 million and more, recorded at 797,714 persons in 2022 will also rise to 1.65 million recording a 107% in a five-year period.
“All of these levels (entry into the 1% club) have risen reflecting the growth in wealth over the past two years, despite the dip in 2022. However, growing inequality globally could see a greater focus on this group, particularly in the sights for greater taxation on assets and even emissions,” noted the wealth report.