Hyderabad ranks second in India's ultrarich list

Hyderabad: Hyderabad was home to 467 ultra-high net worth individuals (UHNWIs) in 2021, and the city stood second, next only to Mumbai with 1,596 UHNWIs, in India's ultra-wealthy population, as per a report. UHNWI is an individual with net worth of $30 million and above.

According to Knight Frank's The Wealth Report 2022, the ultra-wealthy population in the city is expected to increase by 56 per cent to 728 during 2021-26. In the last five years, its ultra-rich population grew by 48.7 per cent from 314 in 2016 to 467 in 2021. The number of UHNWIs in Hyderabad grew by 12.3 per cent to 467 in 2021 from 416 in the previous year, while the number rose 11 per cent across India to 13,637 in 2021 from 12,287 during a year ago. The country has seen the highest percentage growth in APAC region. India also ranked sixth in percentage growth of the UHNWI population that is self-made and under the age of 40 years. Globally, the number of the ultra-wealthy population saw an annual increase of 9.3 per cent to 610,569 in 2021.