India has emerged as one of the leading investment destinations for billionaires worldwide, according to the UBS Billionaire Ambitions Report 2022.
The report is based on surveys, questions and information from the UBS Evidence Lab on more than 2,500 billionaires in 75 markets.
According to the report, billionaires want to put more of their money into India because of the region’s strong economic growth.
Among sectors, billionaires favor energy, perhaps because of today’s supply constraints and the accelerating secular transition to renewables. In the report, 58 percent of billionaires surveyed chose India and Southeast Asia as markets for investment. Only 42 percent of respondents chose China.
Unlike the rest of the world, India’s billionaire population has boomed as it has overtaken the UK to become the fifth largest economy in 2022. With a young workforce, India has also overtaken China as the fastest growing of the world’s major economies. At the same time, the number of Indian billionaires rose from 140 last year to 166, and their aggregate wealth rose 25.7 percent to $749.8 billion.
The “UBS Billionaire Ambitions Report 2022” released earlier this month said “North America, with its huge domestic market and vibrant business culture, also remains a popular region. While mainland China is still ahead of the rest of the world, it lags somewhat behind in these regions. .” Few people seem interested in investing in Western Europe, despite it being an important economic bloc.
Not only in investments, China experienced a decline a year ago. The ranks of billionaires also fell. Mainland China’s zero-covid policy has slowed growth after many years as the world’s fastest-growing major economy. There were 540 billionaires, up from 626 a year earlier. After a decade of strong growth, total wealth fell by a fifth (19.9 percent) to $2.0 trillion. However, China is not alone. With falling markets, the population of billionaires around the world has decreased.
As of March 2022, there were 2,688 billionaires worldwide worth US$12.7 trillion, down from 2,755 individuals with US$13.1 trillion in 2021. Asia Pacific was the region with the largest global billionaire population (1,084) with total wealth of $4.2 trillion for comparison. to 1,143 individuals and $4.7 trillion a year ago. The UBS report noted that overall wealth and the number of billionaires are likely to decline further from March due to falling asset prices.