Mumbai’s UHNI count to more than double by 2025

The tribe of super-rich individuals has increased in Mumbai over the last decade and according to a Knight Frank report, the strength is further expected to increase.

In the 2016 wealth Report by Knight Frank, Mumbai has witnessed the fastest growth in a list of 25 global cities that were tracked between 2005 and 2015.

The international real estate consulting firm also notes in the report that the number of UHNIs in Mumbai grew 357 percent to 1,100 individuals and in the next ten years their number is slated to rise by 105 percent to 2,255 individuals. New York has the highest number of UHNIs at 5,600 followed by London at 4,900.

Let us look at the factors that have contributed to Mumbai’s count of UNHIs. Firstly, the city has benefitted from its fast-growing GDP, which has risen by 11 percent annually over the last decade resulting in a growth of nearly 15% in capital markets and the real estate market. Interestingly, the bulk of the assets of these UNHIs are invested in capital markets and real estate.

In view of the fact that India still has the highest GDP growth, it won’t be surprising to see the country’s ultra rich grow their wealth in the next 10 years!