India turns to a Millionaires’ Country gradually, cites New World Wealth 2016 Report
The turning table of economic development in India is quite apparent now. The report by New World Wealth named India 2016 Wealth Report, cited that the volume of High Net Worth Individuals increased by 55 percent in India. According to the report, around 2,36,000 HNWIs were in the country at the end of 2015. They accounted for a total wealth of USD 1.5 trillion. It was 1,52,000 in 2007 with wealth of worth USD 0.9 trillion. The Volume of wealth, in this period, increased by 67 percent. Individuals with net asset of USD 1 million or more are High Net Worth Individuals. In INR, the value comes close to 7 Cr. Wealth Report 2016 highlighted that India’s performance in terms of wealth is ” very well” in contrast to the rest of the world. In the period from 2007 till date, India outperformed most of the developed countries in terms of money or property growth. Excellent performance in a number of industry sectors like IT, BPO, Healthcare, Construction and Financial services is the major boost to economic growth of the country. Entrepreneurship in India has rendered a dynamic growth opportunity. As cited in the report, the current growth scenario will continue over next 10 years and the volume of HNWIs as well as Wealth will keep on increasing. It is expected that by 2025, the number of HNWIs will increase to 5,54,000 growing by 135%. The most upbeat sector of growth over this period are poised as Professional Services, Media Sector, and Financial Service. The primary factors behind this increase of wealth are strong ownership right and substantial economic growth. Banking System, which is well developed and mature, as well as the Stock market are the underlining reasons that encourage people to invest money in the country. The report also highlighted the ease of business promoted under Prime Minister Narendra Damodardas Modi. Reduction of corruption under the present government is also stated as a reason for the business growth in the nation.