At least 14% of India’s ultra-high net worth individuals (UHNWIs) are from salaried employee segment, revealed a survey by Knight Frank. With this, India has become fourth highest contributor in the Asia Pacific for salaried employees in the ultra-wealthy club, the report mentioned. Knight Frank, an international property consultant, has recently published a survey title'Attitudes Survey 2021'.
Around 56% of ultra-high net worth individuals derive their wealth through their own businesses, according to the survey. At least 14% Indians derive wealth from investment portfolio, the survey mentioned.
Commenting on the survey, Shishir Baijal, chairman and managing director, Knight Frank India said, “The rise in the number of salaried employees, who now occupy space in the UHNWI list in India 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 in India. Significantly, Indians are strong contenders of key executive positions worldwide due to high quality of manpower which is leading to the rise of the salaried segment as UHNWI," he mentioned.
In the Asia-Pacific region, Singapore has the highest population of salaried UHNWIs with 31% of the ultra-wealthy being employees followed by the Philippines (18%), Chinese Mainland (16%), India (14%) and Hong Kong (13%), according to the report.
Globally too, Singapore has maintained its lead, followed by South Africa (28%), Russia (25%), Canada (22%) and Switzerland (22%), the survey showed.
"We expect that the phenomenon will continue to grow, as businesses seek to improve their efficiency; there would be a growth in high paying specialised jobs which will help them to contribute more to the club," Knight Frank India MD added.
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