Close to 14% of the country’s ultra-higher net worth men and women (UHNWIs US$30million +) are from the salaried employee segment. This tends to make India the 4th highest contributor in the Asia Pacific area for salaried staff 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 by means of their personal firms. Indians who derive their wealth by means of salaries or obtain dividends from their investment portfolio share the second spot, contributing 14% every single to India’s UHNWIs club.
In the APAC area, Singapore has the highest population of salaried UHNWIs with 31% of the ultra-wealthy getting staff, followed by the Philippines (18%), Chinese Mainland (16%), India (14%) and Hong Kong (13%). Globally also, Singapore maintains its lead, followed by South Africa (28%), Russia (25%), Canada (22%) and Switzerland (22%).
Survey: What supply do you derive a majority of your wealth from?
Commenting on the findings, Shishir Baijal, Chairman and Managing Director, Knight Frank India, stated, “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 sturdy contenders of crucial executive positions worldwide due to higher good quality of manpower which is top 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 stated.