High Net worth Individuals: India second to only Hong Kong in growth

New Delhi: The world is home to 1.2 crore millionaires with collective net worth reaching a record high of $46.2 trillion, with India clocking the second highest growth of 22.2 per cent in its High Net Worth Individuals (HNWIs) population last year after Hong Kong, a report said.

According to the World Wealth Report 2013, released by Capgemini and RBC Wealth Management, the investable wealth of the world's High Net Worth Individuals (HNWIs) rebounded in 2012, growing by 10 per cent to reach a record high of $46.2 trillion, after declining 1.7 per cent in 2011.

As many as one million individuals joined the global HNWI population, which reached 12 million, reflecting an increase of 9.2 per cent.

"HNWI population increases were strong in 2012. However, North America's lead in both population and wealth is likely to be eclipsed again in the future by Asia-Pacific," Capgemini Global Financial Services Chief Sales and Marketing Officer Jean Lassignardie said.

In 2012 North America's population of 3.73 million HNWIs surpassed Asia-Pacific's 3.68 million, while its HNWI wealth reached $12.7 trillion, above the $12.0 trillion in the Asia-Pacific.

However, in terms of overall wealth growth rate, Asia -Pacific actually had a higher rate at 12.2 per cent, compared to North America's 11.7 per cent.

Among the Asia Pacific countries, Hong Kong experienced a 35.7 per cent increase in its HNWIs population, followed by India, with 22.2 per cent growth.

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