MUMBAI: Indians are getting wealthier and the growth in number billionaires is outpacing even the global average. India has witnessed over 4 times or 330% jump in number of billionaires over the last 10 years as against 68% rise noted globally, said Knight Frank Global Wealth report 2016.The trend is expected to continue with number of Indian billionaires doubling over the next decade, while global number could rise by 44%. Ultra-high net-worth individuals (UNHIs), with over $30 million net-worth, have also grown over 4 times or 340% to 6,020 during this period, as against global average of 61% to 187,468.Indian UHNIs are also expected to double their count over the next 10 years, while global number will rise 41%. As per current ranking India’s number of UHNIs stand 6th on tally of 91 countries and expected to clinch 4th slot by 2025 only after USA , China and UK.“While the slowdown in China continues, the growth trajectory of Asia’s other giant, India, continues to be a positive story for the region. The strength and diversity of the Indian economy will continue to provide entrepreneurial and wealth growth opportunities, with the country set to see a doubling of its UHNWI population over the next 10 years,” said Nicholas Holt, Head of Research for Asia Pacific, Knight Frank. “This growth in wealth, not only at the UHNWI level, but also across other wealth brackets will be a key driver in the demand for prime residential property in the key Indian cities going forward.”During the last 10 years, around 31% of Indian UHNIs have increased their allocation to residential real estate, while 47% have allocated more investment to commercial property market. Around 16% of Indian UNHIs are keen to invest in residential properties in the next one year.“Even though the rate of growth in the number of Indian UHNWIs (wealthy Indians) over the next ten years in India will slow down, it will still be much higher than the global average. Globally, India’s share of UHNWI population, which was one percent in 2005, will continue to grow and is expected to increase to five per cent in 2025. Among Indian cities, Mumbai leads the pack followed by New Delhi. Going forward, Mumbai will continue to maintain its number one position but the rate of growth in UHNWI population will be marginally higher in New Delhi than in Mumbai,” said Samantak Das, Chief Economist & National Director - Research, Knight Frank India.According to Das, financial instruments remain the preferred investment asset class among wealthy Indians. Within real estate sector, commercial asset class is preferred over residential segment and. wealthy Indians will maintain this status quo with regards their investment preferences in future.Average number of residential properties owned by wealthy Indians currently stands at 4 - highest in the world, while the global average is 3.7, the report said.Currently, with 1,094 UHNWIs, Mumbai leads in India followed by Delhi with 545, while the next decade will see Mumbai UNHI population increase to 2,243 and Delhi to 1,128.According to Knight Frank’s Prime Investment Residential Index (PIRI), Bengaluru is among top 20 cities globally for investment, while Delhi and Mumbai rank 44 and 51, respectively.