New Delhi: India’s ultra-high-net-worth individuals (UHNWI) worth over $30 million are estimated to rise by 58.4% over the next five years, rising from 12,069 in 2022 to 19,119 individuals by 2027, according to Knight Frank’s ‘The Wealth Report 2023. Those with an asset value of $1 million and more, which was recorded at nearly 800,000 persons in 2022 will also rise to 1.65 million during this five-year period, the Business Standard reported. The UHNWI population declined by 3.8% globally in 2022 because of the impact of economic slowdowns, frequent rate hikes and rising geopolitical uncertainties which impacted the wealth and investment portfolio of the ultra-wealthy, according to the Business Standard report. The trend was observed in India too, where the UHNWI population saw a decline of 7.5% in 2022, the report said.Apart from the rise in interest rates, the US dollar’s appreciation also impacted the growth of wealth in India. Despite this, India’s billionaire population rose by 11% in 2022, according to the Business Standard report. The rise in high-net individuals comes amid warnings that inequality in India is getting worse. The World Inequality Report 2022 labelled India “a poor and very unequal country”. Analysts have also noted that despite the government’s claims the country’s recovery from the COVID-19 pandemic is V-shaped, the rebound is actually a K-shaped rebound – meaning that the wealthy are getting wealthier, while the poor are getting poorer.The number of individuals working under MGNREGA also increased in comparison to the pre-pandemic period, the Indian Express reported. Even with the number of UHNWI set to rise, most of the country’s population is hit by joblessness, stagnant wages and consistently high inflation – fuelled by government taxes on petrol, diesel and cooking gas.