New Delhi: The latest Wealth Report by Knight Frank predicts that India will have more demi-billionaires — those with USD 500 million or more in net assets – than France, Russia or the UK by 2022.
India had 200 demi-billionaires in 2017, and this number is all set to increase to 340 in the year 2022. In comparison, the population of demi-billionaires in France will increase from 230 in 2017 to 310 in 2022 while Russia and the UK, both of which had 220 demi-billionaires in 2017, are expected to increase their numbers by merely 50 and 40, respectively.
The Wealth Report also highlights that in five years’ time the number of demi-billionaires in Asia will overtake that in North America for the first time. Wealth data specialists Wealth-X predict that there will be almost 3,000 people based in Asia who have more than USD 500 million in assets by 2022.
Knight Frank cites strong global economic growth, as well as rising asset prices as key drivers behind the growth in the world’s demi-billionaire population. By 2022, Wealth-X anticipates that there will be 9,570 demi-billionaires worldwide, up from 6,900 at the end of 2017.
The US will remain the country with the biggest overall population of demi-billionaires, expected to rise from 1,830 to nearly 2,500 over the next five years. In China, the number will grow from 490 to 990, says Wealth-X.
Despite the rise in political uncertainty and unknowns surrounding the final Brexit deal, the UK saw the largest inflow of overseas deposits globally in 2017, rising to USD 1.8 trillion, a currency adjusted annual net inflow of USD 239 billion, according to Bank for International Settlements (BIS) data analysed in the annual Knight Frank Wealth Report.
Singapore experiences resurgent price growth in Knight Frank’s analysis of 20 prime international residential markets. Singapore leads the house price rankings (+11.5%). The city has witnessed resurgent price growth due to rising foreign demand and high land bids by developers.