International property consultant Knight Frank has observed in its recent Attitudes Survey 2021 that 14 percent of India’s ultra-high net worth individuals (UHNWIs, $30 million-plus) are from the salaried employee segment.
This makes India the fourth highest contributor in the Asia Pacific for salaried employees in the ultra-wealthy club.
According to the survey, a vast majority of about 56 percent of Indians derive most of their wealth through their own businesses. Indians who derive their wealth through salaries or receive dividends from their investment portfolios share the second spot, contributing 14 percent to India’s UHNWIs club.
In the Asia-Pacific region, Singapore has the highest population of salaried UHNWIs with 31 percent of the ultra-wealthy being salaried employees, followed by the Philippines (18 percent), Chinese Mainland (16 percent), India (14 percent), and Hong Kong (13 percent). Globally too, Singapore maintains its lead, followed by South Africa (28 percent), Russia (25 percent), Canada (22 percent), and Switzerland (22 percent).
Commenting on the findings, 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 the country 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. We expect that the phenomenon will continue to grow, as businesses seek to improve their efficiency; there would be a growth in high paying specialized jobs which will help them to contribute more to the club.”
