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India to surpass UK, France in terms of number of demi-billionaires by 2022: Report

The Financial Express logo The Financial Express 12-09-2018 FE Online
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Good news. The latest Wealth Report by Knight Frank predicts that India will have more demi-billionaires — those with $500 million or more in net assets — than France, Russia or the UK by 2022. The nation, in fact, had 200 demi-billionaires last year in 2017, and this number is all set to increase to 340 in the year 2022. In comparison, the population of demi-billionaires in France will increase from 230 in 2017 to 310 in 2022 while Russia and the UK, both of which had 220 demi-billionaires in 2017, are expected to increase their numbers by merely 50 and 40, respectively.

The Wealth Report also highlights that in five years' time the number of demi-billionaires in Asia will overtake that 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 US$500 million in assets by 2022.

In Pics: The countries with the most billionaires

Knight Frank cites 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.

The US will remain the country with the biggest overall population of demi-billionaires, expected to rise from 1,830 to nearly 2,500 over the next five years. In China, the number will grow from 490 to 990, says Wealth-X.

Despite the rise in political uncertainty and unknowns surrounding the final Brexit deal, the UK saw the largest inflow of overseas deposits globally in 2017, rising to US$1.8 trillion, a currency adjusted annual net inflow of US$239 billion, according to Bank for International Settlements (BIS) data analysed in the annual Knight Frank Wealth Report.

Also watch: India beats France as world's sixth largest economy

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Singapore experiences resurgent price growth in Knight Frank's analysis of 20 prime international residential markets. Singapore leads the house price rankings (+11.5%). The city has witnessed resurgent price growth due to rising foreign demand and high land bids by developers.

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