India home to 200 demi-billionaires but real-estate still slow in Mumbai
A wealth tracker from investment banking firm UBS suggests that demi-billionares in the country will grow from 200 in 2017 to 340 in 2022. Demi refers to half and by that logic, the study refers to individuals with wealth equalling $500 million or half of a billion.
The latest study finds that in five years’ time the number of demi-billionaires in Asia would overtake those in North America for the first time. And that the number of Indian demi-billionaires is poised to grow by 70% to 2022. But for all the positive outlook on wealth, Knight Frank’s PIRI index suggests that the price appreciation for a piece of luxury real estate in India is yet to match cities like Singapore, Beijing, and even Sydney.
On a positive note, however, price appreciation in Maximum city Mumbai was higher than New York, Dubai, Istanbul, and even Vancouver. Shishir Baijal, Chairman and Managing Director at Knight Frank India, suggests in a note, “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.”