India's ultra-wealthy club is booming — here's where the country's rich are investing

India is expected to see the fastest growth in ultra high net worth individuals globally over the next few years, according to consultancy Knight Frank.

Earlier this year, India's financial center, Mumbai, overtook Beijing to become Asia's leading billionaire hub. Globally, the city ranks third on billionaire count, after New York and London.

India's ultra-wealthy population — people with a net worth of at least $30 million — rose 6.1% to 13,263 in 2023 from the prior year. This number is expected to surge 50.1% by 2028, marking the fastest growth in UHNWIs in the world, according to Knight Frank. 

So, where are India's growing ultra-rich investing their wealth?

About 30% of India's UHNWI investments go into luxury real estate, including overseas projects, said Alok Saigal, president of wealth management firm Nuvama Private. 

People have moved away from investing in land as it is less liquid, and more wealth has been allocated to residential real estate since the pandemic, he added.

On average, an UHNW Indian owns more than two homes, and around 12% of India's super rich plan to buy a new house in 2024, data from the Knight Frank's wealth report showed.

India's ultra rich are also buying expensive real estate overseas, with Dubai being a favorite, said Chethan Shenoy, executive director at wealth management firm Anand Rathi Wealth.

"Dubai has all the Indian entertainment, Indian food … but just sophisticated. It's a more sophisticated Mumbai, more sophisticated Delhi," he said. Around 20% of Dubai's offshore real estate pie is owned by Indian investors.

These luxury residential real estates tend to the vacation homes for the rich, or are rented out, and may also be flipped, the two experts said.

"Offshore has become a fairly