India’s ultra-rich prefer equity, bonds to real estate

08 March, 2019, 08:59 | Author: Billie Castillo
  • Bengaluru to see the fastest rise in ultra rich globally

In Asia, the number of billionaires is expected to grow 27 per cent, while the number in North America is set to rise 17 per cent and in Europe by 18 per cent, between 2018 and 2023.

With respect to the number of ultra-high net worth individuals (UHNWI), people with assets of $30 million or more, India will see a growth of 39 percent, the highest in the world, followed by the Philippines at 38 percent and China at 35 percent.

This is seven more than the number of ultra-high net worth (UHNWI) individuals in Vietnam previous year, according to Knight Frank's Wealth Report 2019. Whisky, included in the KFLII for the first time, replaces art as the top performing "investment of passion", ahead of coins on 12 per cent, while wine and art saw 9 per cent growth in 2018.

In the four major economic cities of the GCC countries, (Abu Dhabi, Dubai, Jeddah and Riyadh), UHNWI growth over this period is expected to register at 15%. Bengaluru will be the front runner in this race, with the most number of UHNWIs, with an expected growth of 40 percent.

This incredible rise in values has been partially driven by the Asian market, as sales of Scotch whisky to India, China and Singapore rose by 44%, 35% and 24% respectively in the first half of 2018 according to the Scotch Whisky Association, with single malts totalling nearly 30% of total exports.

London now has a population of 4,944 UHNW individuals, the largest of any city in the world, increasing by 582 over the last five years.

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The UHNW population-defined as people who have at least US$30 million in assets-is projected to expand 22% over the next five years to almost 250,000, the report says. The survey is based on responses from 600 wealth managers and private bankers across the world. Around 25 percent of Asian UHNWIs are planning to invest in real estate outside their country of origin by 2020.

Those looking to buy outside the country are most likely to buy in the United Kingdom (65 percent), Canada (35 percent), USA (30 percent), UAE (15 percent), Australia, Germany and India (10 percent), South Africa and the Caribbean (5 percent).

Andy Simpson, Co-founder Rare Whisky 101, which compiled The Knight Frank Rare Whisky 100 Index, said: "The market for rare and vintage bottles has witnessed extraordinary growth over the past ten years, both in terms of the volume of whisky being traded and the value of that whisky".

Indian respondents preferred equities with 30% allocation and bonds with 28% allocation where respondents to the survey said that their clients preferred these high return investment assets. We have seen a growing trend in purchase of properties amongst India's wealthy across the globe.

"Hard Brexit, no Brexit, Brexit-lite: whatever the outcome, London will remain the leading global wealth centre in 2019", Knight Frank's analysts wrote in the report, adding that NY is the city's "only serious rival".

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