The number of ultra-high networth individuals (UHNIs) having an investible surplus of over Rs 25 crore (Rs 250 million) rose 16 per cent to 1.17 lakh last fiscal, and this is estimated to triple to 3.43 lakh in the next three years.
The total wealth of the ultra HNIs, or those with a networth of over Rs 25 cr, grew by five per cent to Rs 1.35 lakh cr.
Tatas, Ambanis, Adanis, Birlas contributed an average of Rs 800 crore to Rs 1,000 crore per family group.
The Cyberster is currently sold in the UK for about Rs 63 lakh and is expected to be priced between Rs 65 lakh and Rs 70 lakhs.
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Philanthropic contributions made by India's ultra high networth individuals (net wealth of over Rs 1,000 crore), also known as UHNIs, have fallen sharply to Rs 4,230 crore in FY22, from Rs 11,821 crore the previous financial year, according to the India Philanthropy Report 2023 by Dasra and Bain & Co, which was released on Wednesday. The report says that the dramatic fall, almost by a third, was due to the fact that contributions by the Azim Premji Foundation dropped by Rs 9,000 crore due to a share buyback of Wipro, which helped the foundation to access liquidity directly. However, the report laments that even excluding the Premji Foundation's contribution, "Indian UHNI contribution has not kept pace with wealth creation" and is "below par, with a 5 per cent contraction in FY2022".
The study focuses solely on persons with a net worth of $30 million and above (after accounting for shares in public and private companies, residential and investment properties, art collections, planes, cash and other assets).
The amount of money Indians invested in foreign securities, property, and deposits in 2022 was likely the highest on record. At $2.1 billion, it was the largest spend for any 12-month period according to the Reserve Bank of India's (RBI's) data going back over a decade. The amount spent for each individual segment was also the highest.
Covid-19 pandemic that brought life to a near standstill in 2020 has left Indian adults poorer by 6.1 per cent in 2020, suggests the Credit Suisse Global Wealth Report 2021. Wealth per Indian adult in 2020, according to the report, dropped to $14,252 by 2020-end compared to pre-pandemic levels. On a cumulative basis, Credit Suisse estimates the drop in the wealth of Indian adults at $594 billion.
In spite of Mukesh Ambani, Gautam Adani, the Poonawallas and many other Indians seeing a jump in their net worth in the pandemic-hit 2020, overall wealth of the country's super-rich dipped 4.4 per cent to $12.83 trillion in the year due to the rupee's fall, and so did their tally, says a report. The number of dollar millionaires in India fell from 7,64,000 in 2019 to 6,98,000 solely because of the rupee's fall, while their cumulative wealth stood at $12.833 trillion, down $594 billion or 4.4 per cent from the previous year, according to the report by Credit Suisse Research Institute. The country is home to just 1 per cent of the global rich, whose number rose by 5.2 million to 56.1 million in the COVID-hit year. However, the report expects the number of millionaires in India to soar 81.8 per cent to 1.3 million by 2025.
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