14 pc of ultra-wealthy Indians derive wealth from salaries: Knight Frank
Mar 31, 2021
Mumbai (Maharashtra) [India], March 31 : Nearly 14 per cent of India's ultra-high-net-worth individuals (UHNWIs) are from salaried employee segment, according to global property consultancy Knight Frank's latest attitudes survey.
This makes India the fourth highest contributor in Asia Pacific for salaried employees in the ultra-wealthy club. An UHNWI is defined with 30 million dollars (about Rs 217 crore) or more.
According to the survey, about 56 per cent of Indians derive most of their wealth through their own businesses. Those who derive wealth through salaries or receive dividends from their investment portfolio share the second spot, contributing 14 per cent each to India's UHNWIs club.
In Asia Pacific region, Singapore has the highest population of salaried UHNWIs with 31 per cent of the ultra-wealthy being employees followed by the Philippines (18 per cent), Chinese mainland (16 per cent), India (14 per cent) and Hong Kong (13 per cent).
Globally too, Singapore maintains its lead followed by South Africa (28 per cent), Russia (25 per cent), Canada (22 per cent) and Switzerland (22 per cent).
Shishir Baijal, Chairman and Managing Director of Knight Frank India, said the rise in number of salaried employees who now occupy space in the UHNWI list can be largely attributed to the growth of India as a key regional and global economy.
"With India being a key market for most countries, we have seen the presence of most major conglomerates. Significantly, Indians are strong contenders of key executive positions worldwide due to high quality of manpower which is leading to the rise of salaried segment as UHNWI," he said.
Baijal said he expects that the phenomenon will continue to grow. "As businesses seek to improve efficiencies, there will be a growth in high-paying specialised jobs which will help them to contribute more to the club."
