‘Every Indian views you as a true friend’: PM Modi tells UAE president as they get down to business

The number of Indian high-net-worth individuals (HNWIs), those having assets more than $10 million, rose 6 per cent last year to 85,698, according to Knight Frank.

Global property consultant Knight Frank on Wednesday released its 'The Wealth Report 2025', which estimated the HNWI population in India at 85,698 in 2024, as against 80,686 in the preceding year.

The number is expected to rise to 93,753 by 2028, reflecting India's expanding wealth landscape, the consultant said.

The increasing trend of HNIW population highlights the country's strong long-term economic growth, increasing investment opportunities, and evolving luxury market, positioning India as a key player in global wealth creation.

India's billionaire population has also seen a strong year-on-year growth in 2024.

"India is now home to 191 billionaires, of which 26 joined the ranks in just the last year, which was pegged at just 7 in 2019," the consultant said.

The combined wealth of Indian billionaires is estimated at $950 billion, ranking the country third globally, behind the US ($5.7 trillion) and Mainland China ($1.34 trillion).

"India's growing wealth underscores its economic resilience and long-term growth potential. The country is witnessing an unprecedented rise in high-net-worth individuals, driven by entrepreneurial dynamism, global integration, and emerging industries," Shishir Baijal, Chairman & Managing Director, Knight Frank India, said.

This expansion is not just in scale but also in the evolving investment preferences of India's elite, who are diversifying across asset classes, from real estate to global equities, he added.

"In the decade ahead, India's influence in global wealth creation will only strengthen," Baijal said.

In a sharp retort to US President Donald Trump's reciprocal tariffs charge, the Chinese embassy in the US said Beijing is ready to "fight till the end" in any type of war the US wants. "If war is what the US wants, be it a tariff war, a trade war or any other type of war, we're ready to fight till the end," the Chinese embassy's official handle posted on X after Trump's explosive remarks in a joint session at Congress.

Trump said other countries have used tariffs against the US for decades. "Now it's our turn to start using them against those other countries. On average, the European Union, China, Brazil, India, Mexico and Canada. Have you heard of them? And countless other nations charge us tremendously higher tariffs than we charge them. It's very unfair. India charges us auto tariffs higher than 100%. China's average tariff on our products is twice what we charge them. And South Korea's average tariff is four times higher," he said.

"This is happening by friend and foe. This system is not fair to the United States and never was... That's reciprocal back and forth. Whatever they tax us, we will tax them," he said.

Trump has increased previously imposed 10 per cent levies on Chinese goods to 20 per cent. China has filed a complaint with the World Trade Organization against the US.

"The United States' unilateral tax measures seriously violate WTO rules and undermine the foundation of China-US economic and trade cooperation," Beijing's commerce ministry said in a statement.

While imposing the tariffs, Trump accused China of not doing enough to halt the trafficking of fentanyl and other highly potent opioids into the US.

The Chinese Foreign Ministry has contested this. "The fentanyl issue is a flimsy excuse to raise US tariffs on Chinese imports. The US, not anyone else, is responsible for the #FentanylCrisis inside the US. In the spirit of humanity and goodwill towards the American people, we have taken robust steps to assist the US in dealing with the issue. Instead of recognizing our efforts, the US has sought to smear and shift blame to China, and is seeking to pressure and blackmail China with tariff hikes," it said in a statement.

"They've been PUNISHING us for helping them. This is not going to solve the US's problem and will undermine our counternarcotics dialogue and cooperation. Intimidation does not scare us. Bullying does not work on us. Pressuring, coercion or threats are not the right way of dealing with China. Anyone using maximum pressure on China is picking the wrong guy and miscalculating. If the US truly wants to solve the fentanyl issue, then the right thing to do is to consult with China by treating each other as equals," it added.

Dubai: The Bearys Cultural Forum (BCF), one of the most prominent overseas Kannada community service organizations, hosted a grand Iftar gathering at Al Zahiya Banquet Hall, Dubai. The event witnessed an overwhelming participation of approximately 1,400 Non-Resident Kannadigas (NRKs), reinforcing a strong sense of unity, spirituality, and interfaith harmony.

The gathering was presided over by BCF President Dr. B.K. Yusuf and BCF Founder-Patron Dr. Thumbay Moideen. The occasion was further dignified by the esteemed presence of the Honorable Consul General of India for Dubai and Northern Emirates, Shri Satish Kumar Sivan, along with Al Haj Taha Bafaki Tangal and Janab Al Haj Asgarali Tangal.

Several key figures played an instrumental role in organizing the event, including BCF General Secretary Dr. Kapu Mohammed, BCF Iftar Committee Chairman Janab Abdul Lathif Mulky, Vice Chairman Janab Afeeq Hussain, Key Office Bearer Janab Aslam Karaje, and BCF Advisory Board Members Janab Ibrahim Gadiyar and Janab Aboosalih M. Hussain. The event was also graced by distinguished guests such as Janab Ameeruddin S.I., Janab Rizwanullah Khan (Executive President, Emirates Glass), Janab K.M. Ashraf, Shri Praveen Amarnath, Advocate Khalil, Janab Salman Abdul Khader, Janab Mazhar Syed Beary (Bearys Group), Janab Khaleq Ali, Janab Shaikh Muzaffer (Founder President, AIM India Forum), Janab Ashraf Shah Manthoor (President, Karnataka Islamic Centre), Janab Noor Ashfaq, and Janab Basheer Kinnigoli Moolur.

A host of BCF office bearers, including Janab Yakub Dewa, Janab Iqbal Mefa, Janab Usman Moolur, Janab Nawaz Kotekar, Janab Niyaz Farangipete, Janab Ashraf Sathikal, Janab Suleman Moolur, Janab Rafiq Mulky, Janab Lathif, Janab Rahman Sajpa, Janab Ameer Halyangadi, Janab Samad Beerali, and Janab Riyaz Suratkal, along with BCF Women's Wing President Mrs. Mumtaz Kapu and other active women members, significantly contributed to the success of the event.

The program commenced with a Qira’ath and an Islamic discourse by Janab Ashraf Sathikal, followed by a heartfelt Dua by Janab Al Haj Thaha Bafakhi Thangal.

On this occasion, BCF honored Shri Satish Kumar Sivan for his distinguished presence and significant contributions. Additionally, Mr. Shaikh Muzaffer, Founder President of AIM India Forum, received an appreciation award in recognition of his outstanding service to the community.

In his address, Shri Satish Kumar Sivan acknowledged BCF’s exceptional efforts in community service and praised the patriotic spirit and dedication of Non-Resident Kannadigas (NRKs) towards the welfare of society. BCF President Dr. B.K. Yusuf elaborated on BCF’s vision and past contributions, while BCF Iftar Committee Chairman Janab Abdul Lathif Mulky extended gratitude to the volunteers and attendees. BCF Steering Committee Chairman Janab M.E. Moolur announced the upcoming BCF Annual Convention in Mangalore this August, encouraging widespread participation. Additionally, Janab Rizwanullah Khan emphasized the importance of community service and selfless dedication.

The event concluded with a special vote of thanks by Janab Suleman Moolur, acknowledging the contributions of all organizers and attendees. Guests, including dignitaries and women participants, were presented with special gifts as tokens of appreciation. The Iftar was served in an exceptionally well-organized manner, featuring exquisite traditional dishes, symbolizing the essence of unity and humanitarian values.

The BCF Iftar Meet 2025 stands as a testament to the cultural richness, communal harmony, and service-oriented spirit of the Kannada diaspora in the UAE.