India Ranks 15th With 175,000 Millionaire Households In 2013: Report

NEW YORK: India had 175,000 millionaire households in 2013, ranking 15th in the world, according to a wealth report which said the total number of millionaire households in the world rose to 16.3 million last year.

The Boston Consulting Group's 14th annual report on the global wealth-management industry 'Riding a Wave of Growth: Global Wealth 2014' said global private financial wealth grew by 14.6 per cent in 2013 to reach a total of $152 trillion.

The rise was stronger than in 2012, when global wealth grew by 8.7 per cent. The key drivers, for the second consecutive year, were the performance of equity markets.

India ranked 15th last year and had 175,000 millionaire households. Its position improved slightly from 2012 when it had ranked 16 in the world for its number of millionaire households.

India is projected to become the seventh wealthiest nation by 2018. The number of ultra-high-net-worth (UHNW) households in India, those with $100 million or more, stood at 284 last year.

The total number of millionaire households reached 16.3 million in 2013, up strongly from 13.7 million in 2012 and representing 1.1 per cent of all households globally.

The U.S. had the highest number of millionaire households at 7.1 million, as well as the highest number of new millionaires at 1.1 million.

Robust wealth creation in China was reflected by its rise in millionaire households from 1.5 million in 2012 to 2.4 million in 2013, surpassing Japan.