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“In case of India, 18% of ultra wealthy have invested in assets. 10% of them being invested in cryptocurrencies/tokens and 8% being invested in non-fungible tokens,” Knight Frank said.

Further, 29% wealth of Indian UHNWIs was allocated towards buying homes while 22% of their investable wealth went towards direct purchases of commercial property.

About 11% of their investable wealth went towards luxury items such as art, jewellery, classic cars, watches and handbags.

Overall, the number of UHNWIs in India rose 11% last year driven by buoyant equity markets and the digital revolution. That compares with global growth of 9.3%.

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After Mumbai, Hyderabad boasts of highest number of ultra-rich

Despite , India’s population up 11%

Despite , the number of (UHNIs) with wealth of over $ 30 million grew by 11% to 13,637 in 2021 in , compared to the 9.3% globally rise, with their number topping 6.1 lakh a report said.

Hyderabad was home last year to 467 ultra-high net worth individuals (UHNIs), making it the second highest in the country after Mumbai where the number of such persons with a net worth of $30m and more stood at 1,596.

Property consultancy Knight Frank in its ‘The Wealth Report 2022’, listing eight cities on the basis on the UHNI they have, said the ultra-wealthy population in Hyderabad is expected to increase by 56% to 728 by 2026. The city’s ultra-rich population in the last five years moved up 48.7% from 314 in 2016 to 467 in 2021.

With 145 billionaires, India had the third behind the 748 in the US and China’s 554, it estimated. , with 1,596 ultra-high net worth individuals, was home to the highest number of ultra-rich in India, followed by (467) and (360) with (210) at sixth place.

Over the next few years, Bengaluru, which has emerged as the startup capital of sorts, is expected to see the fastest growth in the country with a 89% increase expected to take the UHNWI population to 665 by 2026. It will be followed by Chennai (66% rise to 266) and Hyderabad (56% to 729), with Delhi (50% to 315).

Last year, access to technology and the digital democratisation of investments, including private equity, have led to greater levels of wealth creation and growth. This would further gain momentum over the coming years, the report said.