India’s Wealthy 1%: A new report by Knight Frank based on wealth modeling reveals the level of wealth required to break into the wealthiest 1% in India and other countries. The report shows that the net worth required to be in the top 1% in India is $1,75,000 or 1.45 million rupees. Here’s everything you need to know about it.
What is the Knight Frank Wealth Scale Model?
According to the report “The model, built by our team of data engineers, measures the size of HNWI, UHNWI and billionaires in more than 200 countries and territories. In addition, we modeled the number of HNWIs and UHNWIs at the city level for 100 cities globally.”
The report further describes the acronyms used:
“HNWI: High net worth individual – someone with a net worth of US$1 million or more, including their primary residence.
UHNWI: Extremely high net worth individual – someone with a net worth of $30 million or more, including their primary residence”
How much money does it take to get into the top 1%?
According to the Wealth Report 2023, Monaco has the highest net worth threshold to enter the top 1% of earners. The report shows that the net worth needed to join Monaco’s top 1% is $12.4 million.
Switzerland follows in second place, needing US$6.6 million to break into the top 1%. Australia is behind Switzerland with a threshold of US$5.5 million.
In Asia, Singapore was the largest entry point requiring $3.5 million, followed by Hong Kong with $3.4 million.
India comes in at 22nd place with $1,75,000 or 1.45 cores.
Source: The Wealth Report 2023
A report by Knight Frank referring to India’s Ultra High Net Worth Individuals (UHNWIs), with a net worth of over $30 million, is predicted to grow 58.4% from 12,069 in 2022 to 19,119 individuals in 2027.
Shishir Baijal, President and CEO, Knight Frank India said “India’s rapidly growing activities in both core and non-core sectors have helped drive economic growth in recent times. In this regard, India’s position as a global hub for new wealth creation is crucial.”
What was the reason for the decline in wealth last year?
reading report “The tough market means most UHNWIs saw a decline in their wealth last year, with their total assets down 10% ($10.1 trillion).”
“Last year, the Ukraine crisis sparked the European energy crisis and fueled already rising inflation. As a result, 2022 saw one of the sharpest hikes in global interest rates. history, leading to economic conditions that the Collins English Dictionary has appropriately called “permacrisis.”
The gap between rich and poor between countries is widening due to the COVID-19 pandemic and inflation. Flora Harley, a partner on Knight Frank’s research team, said “Growing inequality globally could lead to a greater focus on this group – particularly in the wake of calls for higher property taxes and even emissions,”
Categories: Trends
Source: tiengtrunghaato.edu.vn