Nearly 14 percent of India’s ultra-high-net-worth individuals (UHNWIs) are from salaried employee segment, according to global property consultancy Knight Frank’s latest attitudes survey.
This makes India the fourth highest contributor in Asia Pacific for salaried employees in the ultra-wealthy club. An UHNWI is defined with 30 million dollars (about Rs 217 crore) or more.
According to the survey, about 56 percent of Indians derive most of their wealth through their own businesses. Those who derive wealth through salaries or receive dividends from their investment portfolio share the second spot, contributing 14 percent each 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 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).
Shishir Baijal, Chairman and Managing Director of Knight Frank India, said the rise in the number of salaried employees who now occupy space in the UHNWI list 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. Significantly, Indians are strong contenders of key executive positions worldwide due to high quality of manpower which is leading to the rise of salaried segment as UHNWI,” he said.
Baijal said he expects that the phenomenon will continue to grow. “As businesses seek to improve efficiencies, there will be a growth in high-paying specialised jobs which will help them to contribute more to the club.” (ANI)