India Will Witness Highest Millionaire Population By 2018

Bangalore: While half of the country is complaining about inflation, economic slowdown and poor living standards, another half is portraying a different story altogether. A report released by Credit Suisse Research Institute reveals that by 2018 there will be around 3.02 lakh millionaires in India. With the rise in global wealth by 4.9 percent to $241 trillion in 2013, India’s wealth rose by 7.4 percent to $3.6 trillion in mid-2013, reports Yogini Joglekar of Business Standard.

Most of the rich Indians invest their money in properties and other real estate assets which accounts to 86 percent of the household assets.

“High net worth individuals in India have lot of money concentrated in other assets like gold, fixed income. Their equity allocations have not grown substantially like they did in fixed income products. Amongst the fixed income products, fixed maturity plans are the flavor of the season as they look more attractive due to the recent spike in short term rates.” said Toral Munshi, Credit Suisse Head of India equity research, wealth management.

The report has covered 216 countries with accumulated population of 7.15 billion. It predicts that by 2018, global wealth will increase by 39 percent to $334 trillion and Asia-Pacific countries will be the largest contributors for creating wealth.

Read More:

India's 10 Best IT Companies In 2013
10 Most Profitable Trades That Are Illegal