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Mumbai has emerged as one of the world's top 10 luxury real estate markets, thanks to sustained demand for upscale properties and a growing economy. The city now ranks 8th globally, up from 37th position a year ago, with a 10% year-on-year increase in luxury residential prices. Delhi and Bengaluru also showed positive momentum, improving their ranks. Monaco remains the most expensive market, while Manila leads the rankings with a 26% price growth.

India will witness the highest growth in the number of ultra high net worth individuals in the world by 2028, according to a Knight Frank LLP report. UHNWIs—someone with a net worth of $30 million or more—will rise from 13,263 in 2023 to 19,908 in 2028, a 50.1% jump. Globally, the growth will be 28.1% during the five-year period, while Asia will see a rise of 38.3%.

Among Indian Ultra-high Net Worth Individuals, luxury watches are the most coveted investment category, followed by art and jewellery

As per Knight Frank’s report, 90 per cent of Indian UHNWIs are expecting to witness an increase in their wealth during the year 2024.

In a virtual press conference, real estate consultant Knight Frank released 'The Wealth Report 2024', highlighting that 17 per cent of the investable wealth of Indian Ultra-high Net Worth Individuals (UHNWI) is allocated towards luxury or passion investments.