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India: growing private wealth

Aparna Dutt Sharma, Chief Executive Officer, IBEF

Jun 16, 2014 14:15

The limitless opportunities presented by the Indian economy have generated sizeable private wealth over the past two decades. Rise in consumer spending and boom in the number of entrepreneurial ventures in India have added to the millionaire count. The country is expected to become world’s seventh biggest nation in terms of private wealth with an increase of 150 per cent to US$ 5 trillion by 2018 from US$ 2 trillion in 2013. Overall the Asia Pacific region and its new wealth can be expected to account for about half of the global growth by 2018. India is currently the 15th largest nation in private wealth. The number of millionaire households in the country increased to 175,000 in 2013 from 164,000 in 2012. India has also entered the club of top 15 ultra-high-net-worth (UHNW) households (holding over US$ 100 million in private financial wealth) in 2013. It was ranked 13th with 284 such households. High savings rate of GDP (19.2 per cent) and strong nominal GDP growth rate (14.2 per cent) are the two principal drivers for the growth of private wealth in the country.