India will have more demi-billionaires (those with $500 million or more in net assets) than France and the UK by 2022, Knight Frank Wealth Report said today. India had 200 demi-billionaires in 2017 and this is slated to increase to 340 in 2022.

In comparison, the number in France will increase from 230 in 2017 to 310 in 2022. Even Russia and the UK, both of which had 220 demi-billionaires last year, are likely to increase their numbers by merely 50 and 40 respectively, it said.

The analysis highlights that in five years’ time the number of demi-billionaires, those with $500 million or more in net assets, in Asia will overtake those in North America for the first time. It predicts that there will be almost 3,000 people based in Asia who have more than $500 million in assets by 2022.

The report said strong global economic growth, as well as rising asset prices were key drivers behind the growth in the world’s demi-billionaire population. By 2022, there will be 9,570 demi-billionaires worldwide, up from 6,900 at the end of 2017, it added.

Shishir Baijal, Chairman & Managing Director, Knight Frank India said, “Closer home, the report’s findings show that 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. At the same time, the number of demi-billionaires has been steadily increasing in India and is poised to grow by 70 per cent by 2022, clearly underscoring the potential for demand and price growth going forward.”

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