India’s Rich 1%: A new report by Knight Frank based on his Wealth Sizing Model, reveals the level of wealth needed to be in the top 1% in India and beyond. The report shows that the net worth required to be in the top 1% in India is USD 1,75,000 or Rs 1.45 crore. Here’s everything you need to know about it.
What is Knight Frank’s asset estimation model?
According to the report “This model, created by our data engineering team, measures the size of the HNWI, UHNWI and billionaire groups in more than 200 countries and territories. Additionally, we model 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 $1 million or more, including their primary residence.
UHNWI: Ultra-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 be in the top 1%?
According to the 2023 Wealth Report, Monaco has the highest net worth threshold to enter the top 1% of earners. The report shows that the net worth needed to be in the top 1% in Monaco is $12.4 million.
Next is Switzerland in second place, needing $6.6 million to make the list of the richest 1%. Australia ranked behind Switzerland with a threshold of 5.5 million USD.
In Asia, Singapore is the highest entry point requiring 3.5 million USD, followed by Hong Kong with 3.4 million USD.
India stands at 22nd position with USD 1,75,000 or 1.45 Crores.
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Source: Prosperity Report 2023
Knight Frank’s report mentions that India’s ultra-high net worth individuals (UHNWI), whose net assets are over $30 million, are predicted to grow 58.4% from 12,069 in 2022 to 19,119 individuals. multiplied by 2027.
said Shishir Baijal, chairman and managing director, Knight Frank India “India’s vibrant development activities in core and non-core sectors have helped boost economic growth in recent times. Aligned with that is India’s important position as a global startup hub that creates new wealth.”
What was the cause of last year’s decline in fortune?
Written report “Challenging markets have meant that the majority of the wealthy have seen their wealth decline over the last year, with their total wealth falling by 10% (or $10.1 trillion).”
“Last year, the Ukraine crisis caused an energy crisis in Europe and caused already high inflation. As a result, 2022 saw one of the sharpest increases in global interest rates in history, leading to economic conditions that the Collins English Dictionary neatly calls a “permanent crisis.” .
The gap between rich and poor countries is increasing due to the COVID-19 pandemic and inflation. said Flora Harley, research team partner at Knight Frank “Global growing inequality could see a greater focus on this group – especially amid growing concerns about taxing wealth and even more emissions, ”
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Source: pagasa.edu.vn