MUMBAI: Despite rising geopolitical tensions, slow growth forecasts and uncertainty remaining the norm in 2019, 51% of the Ultra-wealthy Indians experienced an increase in their fortune.The number of Ultra high-net-worth individuals (UHNWIs) in India is estimated to grow by a whopping 73% in the next five years, almost doubling the count to 10,354 from 5,986 in 2019, according to Knight Frank’s Wealth Report 2020.Despite the current slowdown in the economy, global economic experts see strong long-term economic growth. The growth in India’s ultra-wealthy is expected to be on the back of the growth prediction of the economy with GDP touted to reach the 7% mark by 2022.Knight Frank expects Asia to be the world’s second largest wealth hub outperforming Europe, with a five-year growth forecast of 44% by 2024. However, even after a steep rise, it will reach only half the size of North America’s UHNWI population, which is predicted to increase by 22% over the same period.Ultra high-net-worth individuals are defined as having a net worth of at least US$30 million in investable assets net of liabilities.“India’s economic advantage is its large and growing consumer base, which helps in general wealth creation. As India enters the 30th year of its liberal economic and trade policy since 1991, the country has also become an important market for global products and services. It appeared at some point in time that India was skipping the ‘manufacturing generation’ of economic growth moving straight to services, we now see the country rising in favour as a manufacturing destination for global corporations. As a result of a well - rounded growth in the future, private wealth is expected to rise in proportion to the economic growth,” said Shishir Baijal, CMD, Knight Frank India.Out of the top 20 fastest growing countries presented in the report, six are located in Asia--led by India (73% growth), five are in Europe--led by Sweden (47% growth) – and three are in Africa, led by Egypt (66% growth). The Wealth Sizing Model built by Knight Frank shows that within Asia itself, India is projected to lead the growth in UHNWIs, followed by Vietnam (64% growth), China (58% growth) and Indonesia (57% growth).Equity investments, irrespective of global headwinds, remained the most attractive asset class for Indian ultra-high-net-worth individuals (UHNWIs) ahead of property investments.“Despite uncertainty in 2020 around the impact of COVID-19, interest for assets remains high with significant capital chasing limited stock. While some private investors may delay their decisions due to the current climate, we expect secure assets that offer quality income streams to be in increasing demand,” said Neil Brookes, Head of Capital Markets, Asia Pacific, Knight Frank.In 2019, for Indian UHNWIs, equities remained the most preferred asset class in the portfolio with 29% allocation, followed by 21% allocation for bonds and 20% into property investments. On the contrary, Asian UHNWIs preferred property investments with 28% asset allocation, followed by 21% in equities which is closely followed by 19% allocation in bonds.Around 83% of Indian UHNWIs are planning to increase or maintain their allocations in equities, followed by bonds (77%) and ahead of property (51%).