The total number of millionaires in India is expected to increase by 66 per cent to reach 3 lacs by 2018. Presently India is estimated to have 1.82 lac millionaires. Wealth in India has indeed seen rapid growth since 2000 and wealth per adult has grown by 135 per cent from US$ 2000 in 2000 to US$ 4,700 in 2013 at an average annual rate of 8 per cent.
Wealth per adult in the country is expected to increase at a CAGR of 9.3 per cent to reach US$ 6,600 by 2018. The total wealth in India registered an increase of 7.4 per cent touching US$ 3.4 trillion in mid-2013. India produced over 20,000 new dollar millionaires last year outpacing most countries in the number of new people reaching the seven figure milestone. Interestingly, 2.5 lac members figure in the top 1 per cent of global wealth holders.
The growing number of millionaires in India is representative of the limitless opportunities offered by the Indian economy, opening as well an expansive market for high end luxury players.