BENGALURU: With a total count of 1.98lakh high networth individuals (HNIs), India now has the 11th largest millionaire population. The count of individuals and total wealth increased during 2014, when oil prices and “constructive” results of elections contributed to the development of the nation.
India in records had the largest gains where population increase was 26.3percent and wealth rise was 28.2percent, reports The Financial Express.
The report said, “The election of a popular reform minded prime minister helped to boost investor confidence and contributed to strong performance in the stock market, with a 21.9 per cent increase in the MSCI Index. Lower oil prices helped reduce country’s budget deficit and retail inflation fell considerably.”
The report further added, “All these events helped India moved up to third place for HNWI wealth across Asia Pacific, displacing Australia, which suffered from a significant 7.6 per cent decline in equity markets.”
The 2013 count in India was 1,56,000 and in 2014 this rose to 1,98,000 – as reported by ‘World Wealth Report 2015’, released by Capgemini and RBC Wealth Management.
While India stood at 11th, US tops the list of highest number of HNI population with 43,51,000millionaires. Japan(24,52,000), Germany (11,41,000) and China (8,90,000) secured the second, third and fourth place respectively.
In the list, the top 4 countries have a cluster of 60.3percent of worldwide HNWI population.
In 2014, the world witnessed a total rise of 920,000 new millionaires. Their collective wealth value is USD 56.4 trillion.
Since 2006, India and China had a jump of 43percent HNWI population and that added to the value of wealth in Asia Pacific to USD 7.4trillion.
The report commented, “Continued growth is expected to result in India and China holding over 10 per cent of all global HNWI wealth by 2017.”
Head of RBC Wealth Management,Asia, Barend Janssens comments “Asia-Pacific continues its tremendous run in wealth creation and doesn’t appear to be slowing down anytime soon.”
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