The Wealth Report by Knight Frank 2023 was released in March 2023. In this article, we discuss the findings of the latest report, India’s position and other details for the IAS exam. This topic is relevant for the economy as well as the current affairs segment.
The Wealth Report 2023
The Wealth Report is the ultimate guide to prime property markets, global wealth distribution, the threats and opportunities for wealth, commercial property investment opportunities, philanthropy and luxury spending trends. It is released by Knight Frank, an independent real estate consultant headquartered in London and established in 1896.
- Being part of the top 1% of richest individuals in a country is often seen as the ultimate measure of success. However, the wealth required to be considered part of this elite group can vary significantly from country to country.
- According to Knight Frank’s ‘The Wealth Report’ 2023, Singapore has the highest threshold for entry into the top 1%, with a minimum wealth requirement of US$3.5 million (approximately Rs 28.8 crore).
- In Hong Kong, the threshold is slightly lower at US$3.4 million (approximately Rs 28 crore).
- In West Asia, the United Arab Emirates (UAE) has the highest wealth requirement for the top 1%, set at US$1.6 million (approximately Rs 13.1 crore).
- In Latin America, Brazil has the highest threshold at US$430,000 (approximately Rs 3.5 crore).
- Monaco, known for having the highest concentration of super-rich individuals in the world, has an entry point of US$12.4 million (approximately Rs 102 crore) for its top 1%.
- This level is nearly double that of Switzerland, which comes in second place with a threshold of US$6.6 million (approximately Rs 54.3 crore).
- In the United States and New Zealand, the wealth required to be part of the 1% is US$5.5 million (approximately Rs 45.3 crore) and US$5.2 million (approximately Rs 42.8 crore) respectively.
Source: Knight Frank’s Wealth Report 2023
What is the Rank of India in Wealth Report 2023?
- The number of extremely wealthy individuals in India, who have a net worth exceeding USD 30 million, decreased by 7.5% last year to 12,069.
- However, it is expected to increase to 19,119 individuals over the next five years, as per Knight Frank.
- In 2022, India’s billionaire population grew to 161 individuals from 145 the previous year, and it is projected to reach 195 individuals by 2027.
- Knight Frank estimates a 58.4% increase in the number of ultra-high-net-worth individuals (UHNWI) in India, with a net worth exceeding USD 30 million.
- The report predicts that the UHNWI count will rise from 12,069 in 2022 to 19,119 individuals by 2027.
- The population of high-net-worth individuals (HNIs) in India, with assets valued at USD 1 million or more, increased to 797,714 last year from 763,674 in 2021.
- It is anticipated that the number of HNIs will reach 1,657,272 by 2027.
Conclusion:
- Wealth inequality in India is a major problem.
- The top 1% of the population holds a disproportionate amount of wealth, while the bottom 50% of the population struggles to make ends meet. This inequality is a major obstacle to economic growth and development.
- There are a number of factors that contribute to wealth inequality in India. These include:
- The legacy of colonialism
- The caste system
- The lack of social mobility
- The high levels of corruption
- There are a number of things that can be done to address wealth inequality in India. These include:
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- Investing in education and healthcare
- Promoting social mobility
- Tackling corruption
- It is important to address wealth inequality in India. This is a problem that affects everyone, not just the poor. By addressing wealth inequality, we can create a more just and equitable society for all.
The Wealth Report 2023 by Knight Frank:- Download PDF Here
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