Ultra-high-net-worth Indians prefer UK to buy new home

As many as 74 percents of ultra-high-net-worth (UHNWI) Indians prefer the United Kingdom to buy a new home, a recent survey revealed. According to the Wealth Report 2019 by property consultant Knight Frank, nearly 74 per cent of Indian UHNWIs prefers to purchase properties in the UK, while 39 per cent responded favourably to the United States.

"Both these places are of high interest for the India ultrarich from business as well as leisure and lifestyle purposes. These also remain the top choices of investment or self-use purchase for the coming years," the report said. While 79 per cent Indian UHNWIs prefer the UK as the destination for investment in property, 39 per cent of the respondents have given preference to the US.

As per the report, nearly 13 per cent of Indian UHNWIs showed an affinity towards purchasing new homes in Australia, 16 per cent in Canada and 19 per cent in Singapore. Similarly, for investment in properties other than first and second homes, 14 per cent Indian UHNWIs have preferred Australia and Singapore, while 10 per cent has given preference to Canada.

Commenting on the findings, Knight Frank India, chairman and managing director Shishir Baijal said Indians are progressively increasing their global footprint with UHNWIs getting attracted to the quality of services in these countries. "We have seen a growing trend in the purchase of properties amongst India's wealthy across the globe. It would be worthwhile to point out that Indians are contributing significantly to global wealth creation," he said.

(With inputs from agencies.)