India now Sixth among Top Wealthiest Nations of the World
A 2017 report released by Capgemini highlighted that India has fourth highest number of millionaires in Asia Pacific region. The country contributes a total of 4% of total millionaires in the region. The report was released back in November of the year. It was the Asia-Pacific Wealth Report (APWR) published by the organization. Per this document, India is home to 2,19,000 ultra-rich individuals, who has a combined wealth of USD 877 billion. High Net Worth individuals are persons with investible assets of USD 1 million or more. This exclude other properties like residence, consumer goods, collectibles and other possessions.
In terms of growth rate, Indian millionaires attained higher figures than that of China and Japan, which are ahead in terms of total number of HNIs. In the year 2015-16, Indian HNIs had a growth rate of 10%. Per the report, a rebound in equity markets and real estate had this impact.
In another recent report by AfrAsia Bank placed India on sixth place among the world’s top wealthiest nations. It recorded an increase of 25% in private wealth of Indians between 2016 and 2017. This contributed a total of USD 8,230 Billion. In China, the net increase was USD 24, 803 billion and Japan recorded USD 19, 522 billion. The figure pushed China’s growth by 22% in same period. Other countries in the list ahead of India are United Kingdom and Germany in fourth and fifth position.
This report takes into account the total private wealth held by the entire population of the country, including property, cash, equities, and business interests, excluding government funds. Now, the total number HNIs in India burgeoned to 3,30,400, holding 48% of the country’s total wealth. There are 20, 730 multi-millionaires and 119 billionaires in India. This makes, India home to the third highest number of billionaires after United States and China. United States has 737 billionaires, while China has 249.