India will see more ultra-high-net-worth individuals (UHNWI) than other regions between 2019 and 2024. India witnessed a 96 percent rise in the super-rich population during 2014-19, which is expected to grow by 73 percent over the next five years beating the global and the regional average, according to the Knight Frank Wealth Report 2020.

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The number of UHNWIs (net-worth of over $30m) in India is predicted to double to 10,354 from 5,986 in 2019.

According to the report, the US has 240,575 UHNWIs -- the highest in the world – followed by 61,587 in China, 3,306 in Singapore and 2,737 in Hong Kong. Globally, Knight Frank expects the size of UHNWIs to grow 27 percent to 649,331 by 2024.

The report pointed out that the total number of super-rich people in Asia will rise by 44 percent, surpassing regions like North America (22 percent), Europe (23 percent) and Africa (32 percent).

The number of billionaires in Asia is expected to reach 817 in the next 4 years, which is around a third of the world's total billionaire population of 2,616. However, the growth rate will be slower when compared to 2014-19. During the period, the number of billionaires in the region rose from 420 to 721, the Knight Frank report said.

As far as the billionaires in India are concerned, the report claimed that the number will rise by 9 percent during 2019-24, which is lower than the 86 percent rise witnessed over the past five years.

Further, the report stated that equity investments was the most-attractive asset class for the super-rich in India and 83 percent of Indian UHNWIs were planning to increase or maintain their allocations in equities, followed by bonds (77 percent) and property (51 percent).

It also added that property remained an attractive asset class for ultra-wealthy Indians with 24 percent planning to buy a new home in 2020.