What does it take to be among richest 1% in India? (2024)

New Delhi,UPDATED: May 19, 2023 13:09 IST

Have you ever wondered how much wealth is needed to be counted among the richest 1 per cent in India? A new wealth report seems to have the answer.

Global real estate agency Knight Frank said in its new wealth report that in India, the individual wealth required to reach the 1 per cent threshold in India is $175,000, which translates roughly to Rs 1.44 crore.

The study is based on Knight Frank’s Wealth Sizing Model, and the threshold for reaching the top 1 per cent richest differs from country to country. India is placed 22nd on the list of countries, above South Africa, the Philippines and Kenya.

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Monaco, which has the world’s densest population of super-rich individuals, ranks on top of the list of 25 countries, and entry point for the principality’s 1% is $12.4 million or a little over Rs 102 crore.

The level is still almost double that of second-placed Switzerland at $6.6 million. Meanwhile, Singapore has the highest threshold with $3.5 million required to be in the top 1 per cent, ahead of Hong Kong’s $3.4 million.

For the UAE, the Middle East’s highest entry, the level required is $1.6 million and Brazil is top of our Latin American markets with a $430,000 threshold.

“All of these levels have risen since we last published the analysis in The Wealth Report 2021 reflecting the growth in wealth over the past two years, despite the dip in 2022. However, as explored in that edition, growing inequality globally could see a greater focus on this group – particularly in the sights for greater taxation on assets and even emissions,” the study said.

The report also said that India’s ultra-high-net-worth-individuals (UHNWI) or individuals with a net worth of $30 million, will rise by 58.4 per cent in the next five years.

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“India expected to see a 58.4% per cent rise in its UHNWI population, a faster rate than in the previous five years,” the study said. This is greater than the Chinese mainland, for which the study estimated a growth of 49.8 per cent.

“India, is already estimated to have overtaken China in terms of population and forecast to be one of the fastest growing economies in 2023 according to the IMF,” the study added.