India to be home to 4.37 lakh millionaires by 2018, and twice as many by 2023

New Delhi: In India, the number of millionaires in dollar terms have shown significant rise from 196,000 to 250,000 registering an increase of 27 per cent over the past one year, led by renewed economic optimism, as per Wealth-X, a global leader in providing qualified prospects and intelligence on ultra-high net worth (UHNW) individuals. As per their report 'Decades of Wealth: The next 10 years in Wealth and Luxury', factors such as new, reformist government and a young, well-educated population with high levels of entrepreneurship and business ownership, will lead to increase in the number of millionaires in India to 437,000 millionaires by 2018, with the count doubling by 2023, thereby making it ‘India’s Decade’ in terms of wealth creation. The wealthy population is expected to spend on experiential luxury rather than physical luxury items, thereby boosting consumption.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.