Mumbai - The number of ultra-high net worth individuals – those with an investible surplus of over $4.2 million (Rs. 250 million) – rose 16 percent to 117,000 in the last fiscal year, a wealth report has said. The report, by the Kotak Group and Ernst & Young, said the number is expected to triple to 343,000 in the next three years. The combined wealth owned by this section of society, including professionals with an annual income...
of over $500,000 (Rs. 30 million) each, grew 21 percent to $1.7 trillion (Rs. 104 trillion), and is predicted to quadruple to $6.8 trillion (Rs. 408 trillion) in the next three years. "There has been an impressive rise in wealth creation and will only increase in the years ahead. Growth in the underlying wealth will outpace growth in the number of UHNIs," E&Y partner Murali Balaraman told reporters here. The study surveyed 150 UHNIs and up to 20 companies associated with luxury goods and wealth managers. (PTI)
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