New Delhi : Most people assume that being rich means having a nice house, an expensive car, luxuries and other possessions, but how much money do we have to be in the ranks of the world’s richest 1%? It is more than we can imagine. Wealth advisory firm Knight Frank has released a wealth report, in which it has been told how big a person’s pocket should be in order to be included in the category of the richest one percent in different countries.
how much money is needed to become rich in india
Monaco tops Knight Frank’s list. According to Knight Frank research, a minimum of US$12.4 million is needed to make it into the top 1 per cent of Monaco. Now if we talk about India, then in the report of the company, India is included in the list of 25 countries, where at least $ 175,000 i.e. Rs 1.44 crore is needed to join the category of 1 percent rich. India is ranked 22nd in Knight Frank’s list above South Africa, Philippines and Kenya.
The number of richest people in India decreased
On the other hand, there is also news that the number of ultra-rich people in India fell by 7.5 percent last year to 12,069, but it is likely to rise again to 19,119 in the next five years. Wealth advisory firm Knight Frank said in a report released on Wednesday that the number of extremely wealthy Indians with a net worth of more than $30 million stood at 12,069 in the year 2022. This shows a decline of 7.5 percent as compared to the year 2021. However, the advisory firm said in ‘The Wealth Report 2023’ that the number of extremely wealthy people in India is expected to increase to 19,119 by 2027.
195 billionaires in five years
At the same time, the number of billionaires in the country is expected to reach 195 by the next five years. In the year 2022, the number of billionaire Indians increased to 161, while in 2021 their number was 145. According to the report, the number of rich people in India with assets of more than $ 1 million increased to 7,97,714 last year, while in 2021 their number was 7,63,674. This number is expected to increase to 16,57,272 in the next five years.
3.8 percent decline in the number of rich in 2022
The report says that in the year 2022, there was a decline of 3.8 percent in the number of extremely wealthy people globally, while their number increased by 9.3 percent in 2021, a year earlier. Last year, geopolitical uncertainty and the side effects of the economic slowdown affected wealth creation opportunities for the ultra-rich. In India too, the wealth of extremely rich people got affected due to these reasons and their number fell by 7.5 per cent on an annual basis. The wealth of ultra-rich Indians was also affected by the rise in interest rates and the strengthening of the dollar against the rupee.
Big blow to India! The rich still have more than half of the country’s money, the lower classes lack resources
India’s economic growth fast
Shishir Baijal, Chairman and Managing Director of Knight Frank India, said that India’s economic growth has gained momentum in recent times due to strong activities in core and non-core sectors. Apart from this, with India becoming a global start-up hub, new wealth is also being created.
