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While about 32% of ultra rich individual's wealth is invested in residential real estate, 17% of their wealth is directed towards passion investment like  luxury watches, art and jewellery

India's Economic Growth to surge by 50% by 2028

Number of ultra rich in India to grow at 50% by 2028: Knight Frank

<h2>While about 32% of ultra rich individual's wealth is invested in residential real estate, 17% of their wealth is directed towards passion investment like &nbsp;luxury watches, art and jewellery</h2>

A new report by property consultancy Knight Frank has mentioned that the number of ultra high net worth individuals (UHNWI) in India will grow at 50.1%. As per the report Ultra rich will grow to 19,908 by 2028. UHNWIs are defined as individuals with a net worth of $30 million and above.&nbsp;
&ldquo;A range of factors will combine to propel India&rsquo;s ultra wealthy population over the next five years. Robust economic growth, favourable demography and a thriving startup ecosystem will enable increased wealth creation opportunities for Indians going forward,&rdquo; Vivek Rathi, who heads research at Knight Frank India, said.
<h3>Ultra rich growth</h3>
The number of ultra rich saw a dip in 2022, however, the number grew 6.1% in 2023 to 13,263 driven by rising prosperity in India. Globally, the number of UHNWIs rose by 4.2% during the year to 6,26,619 from 6,01,300 a year earlier.
Also Read: <a href="https://www.editorji.com/business-news/6-500-millionaires-to-leave-india-dubai-singapore-continue-to-attract-rich-indians-1686659469321">6,500 millionaires to leave India; Dubai &amp; Singapore continue to attract rich Indians</a>
The report throws insights on how the ultra rich spend.
About 32% of their wealth is invested in residential real estate, 14% of which is located outside India. The report further mentions that about 12% plan to purchase a new home in 2024. On an average an Indian UHNWI owns 2.57 homes, with a sizable 28% of the group renting out their second homes during 2023.&nbsp;
A 17% of Ultra rich's wealth is directed towards passion investment. The top three items invested in includes luxury watches, art and jewellery. Globally, art emerged as the best performing luxury asset class with prices appreciating 11% in 2023.
&ldquo;The demand for rare collectibles is on the rise across different age groups in India, and as wealth continues to grow in the country, we can anticipate further investments in these asset classes,&rdquo; Knight Frank India Chairman and Managing Director Shishir Baijal said.
&nbsp;

More Indians are moving out of the country due to concerns revolving safety, security, education, healthcare, climate change resilience and crypto-friendliness

6,500 millionaires to leave India; Dubai & Singapore continue to attract Rich Indians

More Indians are moving out of the country due to concerns revolving safety, security, education, healthcare, climate change resilience and crypto-friendliness

An estimated 6,500 Indian high net-worth individuals (HNIs) are likely to leave the country in 2023, according to the Henley Private Wealth Migration Report 2023. This, however, is lower than last year's outflow of 7,500 millionaires.&nbsp;
As per the report, China has lost the most number of high net worth individuals followed by India, UK and Russia. Dubai and Singapore continue to remain the favourite destination for wealthy Indians. Dubai is particularly preferred due to its Golden Visa programme, favorable tax structure, robust business ecosystem and safe, peaceful environment.
Dominic Volek, Group Head of Private Clients at Henley &amp; Partners has said that safety, security, education, healthcare, climate change resilience and crypto-friendliness are driving Indians to relocate. However, the millionaires outflow is not particularly concerning, as per the report, that has kept India as one of the world's fastest-growing wealth markets. New World Wealth has forecasted that the high net worth individuals would witness a 80% increase in wealth by 2031. As per the report, This growth will be primarily fuelled by thriving financial services, healthcare, and technology sectors within the country.
The report also suggests that there is a trend of affluent individuals returning to India, and as the standard of living continues to improve, it anticipates a significant influx of wealthy individuals moving back to India in greater numbers.
&nbsp;

According to both Forbes and Bloomberg, Mr Musk has been overtaken at the top spot by Bernard Arnault, the chief executive of luxury goods group LVMH.

Bernard Arnault overtakes Musk to be World's richest; but who is he?

Bernard Arnault, World's new richest 

According to both Forbes and Bloomberg, Mr Musk has been overtaken at the top spot by Bernard Arnault, the chief executive of luxury goods group LVMH.

Elon Musk, Twitter's new boss and Tesla CEO, is no longer the world's richest man after a sharp drop in the value of his shares in electric car company Tesla this year. Bernard Arnault, the French tycoon behind luxury-goods powerhouse LVMH, surpassed Twitter owner Elon Musk on the Bloomberg Billionaires Index, marking the first time he&rsquo;s topped the list of the wealthiest people. Never before has anyone from France &mdash; or Europe as a whole &mdash; laid claim to having the largest fortune on the planet. &nbsp; According to Forbes, Mr Musk is now worth about $178bn (&pound;152bn). Meanwhile, Bernard Arnault has a value of $188bn.
Musk has been the world&rsquo;s richest person since September 2021 after he overtook Amazon founder Jeff Bezos. Arnault made his fortune by building the world&rsquo;s largest luxury goods company, including brands like Louis Vuitton but also Tiffany, Celine and Tag Heuer.

Where there is rich, there is money and there is definitely absurdness. From crazy fans, to antique collectors..people have been collecting, selling and buying the most bizarre things you could think of. Whether it be Queen Victoria's knickers, Elvis Presley's hair or even a banana taped on a wall...all that can be sold can be&nbsp;bought if there is money involved. Watch this space to know more.

Here is a  list of bizarre items auctioned and sold which may take you my surprise!

From Queen Victoria's knickers, Elvis Presley's hair or even a banana taped on a wall...all that can be sold can be bought if there is money involved. Here is a list of bizarre items auctioned across the world.

Where there is money, there are bizarre auction items! Watch

Plenty of money...don't know where to spend it! Here is a bizarre list of items where rich spent on, clearly they had the&nbsp; 'I-dont-know what-to-do-with-my-money' problem.

It&rsquo;s a&nbsp;bizarre&nbsp;world of value where a cartoon rock sells for a million and half dollars&nbsp;and a house in&nbsp;Italy has a price tag of just a dollar.
As the NFT craze takes over crypto collectors one is reminded&nbsp;that&nbsp;this is not the first time where&nbsp;bizarre&nbsp;items have attracted unreal&nbsp;bids by those wanting to own &lsquo;collectors&rsquo; item.&nbsp;
Here are a few unusual auction items that have made history
- Most people said it was absolutely Bananas when in 2019&nbsp;An Italian artist duct-taped a banana to a gallery wall in Miami as part of the Art Basel festival to show inequality&mdash; and it sold for $120,000.&nbsp;That&rsquo;s a stale banana for Rs 84 lakhs!&nbsp; &nbsp; - Made famous with a gush of wind,&nbsp;Marilyn Monroe&rsquo;s white dress from&nbsp;Seven-Year Itch&nbsp;sold for a whopping $4.6&nbsp;million a decade ago.&nbsp;The scene from the Seven Year Itch, went on to become one of the most iconic moments in movie history.&nbsp;&nbsp; &nbsp; - Sticking with collectable garments,&nbsp;cotton knickers owned by Queen Victoria (Queen Elizabeth&rsquo;s great-great-grandmother) sold in 2015 for $16,300.&nbsp;Embroidered with her royal initials, &ldquo;VR&rdquo; for Victoria Regina.&nbsp;&nbsp;
 - From the&nbsp;Queen of England&nbsp;to the King of Rock,&nbsp;Elvis fans&nbsp;are always ready to roll out the royal bucks.&nbsp;In 2002 an &ldquo;unidentified collector of Elvis Presley memorabilia&rdquo; paid a staggering $115,000 for a small jar of Elvis Presley&rsquo;s hair.&nbsp;
-&nbsp;K-Pop group BTS&rsquo;s ensemble from Billboard chart topping song &lsquo;Dynamite&rsquo; was auctioned for $162,500, eight times more than the estimated value as part of the MusiCare Charity Relief Auction in 2020 in support of musicians, artists and road crews affected by the Covid-19 pandemic.
 - Playing the swan song on this list is the&nbsp;famous violin from Titanic.&nbsp;One of the most memorable tales from the tragic sinking of the Titanic is the eight-piece band that played until the end. Led by English musician Wallace Hartley, the band played their instruments as the ship sank into the frozen waters of the Atlantic Ocean in an effort to help soothe scared passengers.&nbsp;Hartley&rsquo;s damaged violin was sold at an auction for $1.7 million in less than 10 minutes. It is the most expensive artifact linked to the doomed ship.&nbsp;

As per&nbsp;Hurun&nbsp;Global Rich List, India has added 40 new billionaires in 2020 taking the total toll from the sub-continent to 177. This does not include the&nbsp;additional 32 Indian-origin billionaires across the world.&nbsp;&nbsp;
Mukesh Ambani&nbsp;holds pole post as&nbsp;India&rsquo;s richest man&nbsp;with his wealth rising 24% in 2020 totaling to $83 billion and also making him the eighth richest man&nbsp;globally.&nbsp;&nbsp;
The Shanghai based report also stated that China surpassed the US to become home to&nbsp;the most&nbsp;number of billionaires in the world. While India with&nbsp;177 billionaires&nbsp;is the third highest in the world.&nbsp;&nbsp;

India adds 40 new billionaires, Mukesh Ambani's wealth soars to $83 bn

India's billionaires club just got bigger.&nbsp;India has added 40 new billionaires in 2020 taking the total toll from the sub-continent to 177

India adds 40 new billionaires , home to 177 billionaires

As per&nbsp;Hurun&nbsp;Global Rich List, India has added 40 new billionaires in 2020 taking the total toll from the sub-continent to 177. This does not include the&nbsp;additional 32 Indian-origin billionaires across the world.&nbsp;&nbsp;
 Mukesh Ambani&nbsp;holds pole post as&nbsp;India&rsquo;s richest man&nbsp;with his wealth rising 24% in 2020 totaling to $83 billion and also making him the eighth richest man&nbsp;globally.&nbsp;&nbsp;
 The Shanghai based report also stated that China surpassed the US to become home to&nbsp;the most&nbsp;number of billionaires in the world. While India with&nbsp;177 billionaires&nbsp;is the third highest in the world.&nbsp;&nbsp;

The thousand richest people on the planet recouped their Covid-19 losses within just nine months, but it could take more than a decade for the world's poorest to recover, says a new Oxfam report released on Monday. The report titled 'The Inequality Virus' is being published on the opening day of the World Economic Forum's 'Davos Dialogues'. It suggests Covid-19 has the potential to increase economic inequality in almost every country at once - the first time this has happened since records began over a century ago.
Oxfam has stated that access to coronavirus vaccinations was vital to bridge these inequalities, as well as taxation which could be used for pandemic recovery.
&nbsp;

Poor may take 10 years to recover from Covid loss: Oxfam

The thousand richest people on the planet recouped their Covid-19 losses within just nine months, but it could take more than a decade for the world's poorest to recover, says a new Oxfam report

The thousand richest people on the planet recouped their Covid-19 losses within just nine months, but it could take more than a decade for the world's poorest to recover, says a new Oxfam report released on Monday. The report titled 'The Inequality Virus' is being published on the opening day of the World Economic Forum's 'Davos Dialogues'. It suggests Covid-19 has the potential to increase economic inequality in almost every country at once - the first time this has happened since records began over a century ago.

The thousand richest people on the planet recouped their Covid-19 losses within just nine months, but it could take more than a decade for the world's poorest to recover, says a new Oxfam report released on Monday. The report titled 'The Inequality Virus' is being published on the opening day of the World Economic Forum's 'Davos Dialogues'. It suggests Covid-19 has the potential to increase economic inequality in almost every country at once - the first time this has happened since records began over a century ago.
Oxfam has stated that access to coronavirus vaccinations was vital to bridge these inequalities, as well as taxation which could be used for pandemic recovery.
&nbsp;

6-month-old baby becomes youngest water-skier!

6-month-old Rich Humpherys&nbsp;just broke a world record! He's now the youngest person to water ski.

6-month-old Rich Humpherys, from Utah is now the proud holder of a world record title, his parents say.
Humpherys has become the youngest person ever to go water skiing. A video, shared on the Instagram account dedicated to the toddler, shows him water skiing at Lake Powell while holding tight to a metal bar being pulled by a boat.
The toddler, dressed in a life jacket with feet strapped to the board, is accompanied by his father in another boat.
The feat garnered mixed reactions on the Internet, with some slamming the parents for foregoing safety. His parents added that Rich was 6 months and 4 days old at the time of the record, beating the previous holder Auburn Absher by 6 days, ABC News reported.

rich

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