Indian demi-billionaires to rise by 70% by 2022: Survey

Mumbai: As the list of wealthy Indians with over USD 500 million or more in assets grows, the number of demi-billionaires is poised to grow by 70 percent by 2022, a recent survey said.

According to a report by Knight Frank, India, which had 200 demi-billionaires in 2017, this number is slated to increase to 340 in 2022.

"Prime residential markets in cities such as Mumbai and Delhi have remained largely stable in the last five years, which creates a good entry opportunity for buyers. The increase in number of demi-billionaires clearly underscores the potential for demand and price growth going forward," the report said.

The analysis highlights that in five years' time the number of demi-billionaires in Asia will overtake those in North America for the first time.

Wealth data specialists Wealth-X predict that there will be almost 3,000 people based in Asia who have more than USD 500 million in assets by 2022.

"Strong global economic growth, as well as rising asset prices as key drivers behind the growth in the world's demi-billionaire population. By 2022, Wealth-X anticipates that there will be 9,570 demi-billionaires worldwide, up from 6,900 at the end of 2017," it said.