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Rising India: rising millionaires

Ravi Capoor, Former CEO, IBEF

Jun 23, 2015 14:49

With a healthy jump in the number of ultra-high-net-worth (UHNW) households in last one year, India is now home to over 928 households that have more than US$ 100 million in private wealth. Overall, India's ranking among countries in terms of the number of UHNW individuals has risen to fourth spot in 2014 from the 13th position in 2013, according to the recently released report from The Boston Consulting Group titled 'Global Wealth 2015: Winning the Growth Game'. US is the country with the largest number of UHNW households at 5,201, followed by China (1,037), the UK (1,019), India (928) and Germany (679) in 2014. According to another report, India ranks on the third spot among global billionaires with 97 Indian billionaires following US and China. Private wealth in China and India registered a strong growth, largely driven by investments in local equities. It is noteworthy that China's equity market rose by 38 per cent and India's by 23 per cent in past one year.

Factors like the continued economic expansion of China and India is driving growth in wealth in the Asia-Pacific region, the BCG report said. In fact, with a projected US$ 57 trillion in 2016, Asia-Pacific (excluding Japan) is expected to surpass North America (a projected US$ 56 trillion) as the wealthiest region in the world. However, wealth in India is projected to record the fastest growth of 21 per cent between 2014 and 2019 – double the growth rate of the next fastest wealth creator China (10.3 per cent).

Global private financial wealth grew by nearly 12 percent in 2014 to reach a total of US$ 164 trillion, in line with 2013, when global wealth also grew by just over 12 per cent. However, the total number of millionaire households (those with more than US$ 1 million in private wealth) reached 17 million in 2014, up strongly from 15 million in 2013.