The number of demi-billionaires in the country is likely to grow by 70 percent in less than half a decade, according to a report by Knight Frank LLP.
The number of people with assets of over $500 million will grow to 340 in 2022 from 200 in 2017, said the report.
The rise in the number of demi-billionaires comes due to the higher economic growth, which will see India surpass France and UK in number of demi-billionaires. This in turn would mean that the country will have the sixth largest number of demi-billionaires by 2022 along with Canada, the report said.
The United States would, however, continue to top the list with nearly 2500 demi-billionaires followed by China and Japan. Other countries that is expected to make up to the top five spots are Germany and Hong Kong.
The report also pointed towards the rising footprint of Asia in the global economic scene.
As per the report, the continent which has already overtaken Europe in the number of demi-billionaires will topple North America by 2022 to become the continent with largest demi-billionaire population in the globe.
Also Read: The Wealth Report