Close to 14% of the country’s ultra-high net worth individuals (UHNWIs US$30million +) are from the salaried employee segment. This makes India the 4th highest contributor in the Asia Pacific region for salaried employees in the ultra-wealthy club, according to Knight Frank’s Attitudes Survey 2021.
The vast majority, about 56% of Indians, derives most of their wealth through their own businesses. Indians who derive their wealth through salaries or receive dividends from their investment portfolio share the second spot, contributing 14% each to India’s UHNWIs club.
In the APAC 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%). Globally too, Singapore maintains its lead, followed by South Africa (28%), Russia (25%), Canada (22%) and Switzerland (22%).
Survey: What source do you derive a majority of your wealth from?
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 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. “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,” he said.