India’s rich list: Gargantuan numbers reveal the real story
The latest Forbes list has indicated that the number of Indian billionaires is rising and the numbers have been astonishing. Yet another set of numbers have gone and underlined the fast rising rich list in India. According to a Bain & Co report, this market segment, currently valued at a $17 billion, is estimated to jump to a whopping $90 billion within years. The date highlighted is 2030. However, even then, it would make up a small portion of the global luxury market, which is currently valued at $1.6 trillion, according to a report by the Economic Times.
The rising class of rich Indians
According to the report, the number of high net worth individuals (HNIs) in the country, whose assets have been valued in excess of $1 mn was 7.9 lakh in 2022, but it is estimated to skyrocket to 16.5 lakh in just 3 years, by 2027.
On the other had, the uber rich list, consisting of the ultra high net worth individuals (UHNIs), whose assets are over $30 million, numbered some 12000 in 2022, may well exceed 19000 in 3 years, Bain reveals.
The 2024 situation
Now, turn your mind to the current year and in this period, ET reports that the Mumbai rich list has done the unthinkable! It has actually managed to beat Shanghai’s uber rich folks in terms of assets, turning it into the Asia’s new billionaire capital. According to the Hurun Global Rich List 2024, this exclusive list has 93 members.
Skyrocketing Sales
The rising number of High Net Worth and Ultra High Net Worth Individuals has had a big impact on the luxury goods market segment. Check out the statistics below.
Super cars, priced in excess of Rs. 2 crore have been virtually flying off shelves. Lamborghini cars, with a price tag North of Rs. 3.8 crore in India, managed to log sales of 103 units in 2023 vis a vis 92 cars in 2022.
German luxury car-maker Porsche says it sold a whopping 914 cars in 2023, and that was a huge 17% rise from the previous year.
Cars apart, when you come to luxury housing, then ET quotes JLL India figures revealing that Rs. 4,319 crore worth such homes were sold in CY2023. It was just Rs. 2,859 crore in 2022.
