Home Life & Styles News Public News

Chennai expected to be the 4th fastest growing city in ultra-wealthy population during 2021-26: Knight Frank Wealth Report 2022

By 2026, number of UHNWIs expected to rise by 65.6% in Chennai


Chennai, March 1, 2022: According to Knight Frank’s The Wealth Report 2022, Chennai was home to 160 ultra-high net worth individuals (UHNWIs, with net worth of US$ 30m and above) in the year 2021. In the last 5 years, Chennai’s ultra-rich population grew by 64.2% from 97 in 2016 to 264 in 2021 making it the 4th fastest growing city in terms of UHNWIs during 2016-21. The ultra-wealthy population in the city is expected to increase by 65.6% to 264 by the year 2026.

In India, the number of UHNWIs grew by 11% YoY in 2021, the highest percentage growth in APAC. India also ranked 6thin percentage growth of the UHNWI population that is self-made and under the age of 40 years. Globally, the number of ultra-wealthy population saw an annual increase of 9.3% to 610,569 in 2021.

Shishir Baijal, Chairman & Managing Director, Knight Frank India said “Equity markets and digital adoption have been key factors driving the growth of UHNWIs in India. The growth in younger, self-made UHNWIs has been incredible in India and we foresee them to drive new investment themes and innovation.With a healthy growth in the UHNWI and Billionaire population, India is expected to be one of the fastest growing countries amongst its global peers, further strengthening itself economically and emerging as a superpower in different sectors.”


According to the Attitude Survey that is part of the Wealth Report 2022, 29% wealth of Indian UHNWIs is allocated towards purchase of principal and second homes. Further, 22% of UHNWIs investable wealth was allocated towards direct purchase of commercial property (including rental property, offices etc) while 8% of the investable wealth was allocated towards indirect purchase of commercial property (includes REITs, funds). Additionally, the survey cited that 8% of the property portfolio is held overseas.


According to the attitude survey conducted by Knight Frank’s The Wealth Report 2022, 11% of the investable wealth of Indian ultra-high net worth individuals (UHNWI, whose net worth is US$ 30m or more) is allocated towards passion led investments against the global average of 16%. About 29% of Indian UHNWIs spent more on passion investments during the year 2021. Joy of ownership scored above investment returns and marked as the driving factor to collect investments of passion by the Indian ultra-rich.

Art was the most preferred investment by Indian UHNWIs, followed by Jewellery and Classic Cars. Luxury Handbags and Wines, slipped from their earlier 1st positions to 5th and 7th respectively in 2021. According to Knight Frank’s luxury investment index (global), Art provided a return of 13% in a 12 – month period and 75% over 10 years.

About Knight Frank

Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 20,000 people operating from over 488 offices across 57 markets. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit www.knightfrank.com.

In India, Knight Frank is headquartered in Mumbai and has more than 1,400 experts across Bangalore, Delhi, Pune, Hyderabad, Chennai, Kolkata and Ahmedabad. Backed by strong research and analytics, our experts offer a comprehensive range of real estate services across advisory, valuation and consulting, transactions (residential, commercial, retail, hospitality, land & capitals), facilities management and project management. The operations completed 25 years inIndia.For more information, visit www.knightfrank.co.in

For further information, please contact:
Piyali Dasgupta (Knight Frank India)
+91 9833571204

Back To Top