Economy

Indian billionaires to beat global average and grow 37% by 2023

Indian billionaires to beat global average and grow 37% by 2023”

Overall, the Knight Frank Luxury Investment Index rose 9% past year.

Known for its upscale casinos, yacht-lined harbour and prestigious Grand Prix motor race, Monaco emerged as the most expensive of all prime markets globally. It grew by 7% in 2017-2018, well above the global average (4%) and the Asia average (3%). In Delhi the same amount can buy 2,163 sq ft.

"Mumbai while being India's most expensive prime real estate market, still stacks well against many other markets".

Shishir Baijal, chairman and managing director of Knight Frank India, said: "Indians are progressively increasing their global footprint, with UHNWIs getting attracted to the quality of services in these countries".

In the four major economic cities of the GCC countries, (Abu Dhabi, Dubai, Jeddah and Riyadh), UHNWI growth over this period is expected to register at 15%.

The ranking of the 100 cities is based only on how much the prices of luxury homes increased in a year. However, growth in the region was still higher than the global average.

Whisky collector Andy Simpson wrote in the report that a year ago was "a transformational one for rare single malt Scotch whisky", adding that the world record for the most expensive bottle sold was broken twice by bottles of The Macallan, distilled in 1926, with one selling for more than £1m.

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The index tracks actual auction prices of the bottles and has discovered that, in the 10 years leading up to 2018, the value of rare whisky has surged nearly 600%.

Other Asia-Pacific countries ranked in the top 10 include Shanghai, Sydney and Tokyo.

"Despite the election uncertainties of 2019, India's wealth is expected to surge over the next five years, with the numbers of UHNWIs rising to 2,697", it said.

London has taken the crown back from NY in an annual ranking of the world's top cities for the wealthy, despite concerns about Brexit affecting its attractiveness. Hong Kong ranked third and Singapore fourth in this index. "Both these places are of high interest for the Indian ultra-rich, from business as well as leisure and lifestyle perspectives. These also remain the top choices of investment or self -use purchase for the coming years", Knight Frank said in a press release on Wednesday.

The global ultra-high-net-worth (UHNW) population grew by 7,091-almost one every hour-to a total of 198,342 a year ago, according to The 2019 Knight Frank Wealth Report released Wednesday. 18% Indian UHNWIs showed affinity towards purchasing homes outside of their domicile country.

Indian respondents preferred equities with 30% allocation and bonds with 28% allocation where respondents to the survey said that their clients preferred these high return investment assets. "As we learn to live without the ultra-low interest rates that have supercharged real estate markets globally since 2008, lower price growth is an inevitable outcome of the shift in monetary policy".

In the Indian market, there is a strong bend towards equities (34%) and private equities (37%), it said on the outlook for 2019.



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