India to Witness an Upsurge of 4 Lakh Millionaires

By siliconindia   |   Friday, 02 September 2011, 15:48 IST
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India to Witness an Upsurge of 4 Lakh Millionaires
Bangalore: Although India boost of having a alarming gap between the rich and the poor, a survey released by Julius Baer, a Swiss banking firm said that Asia will add 1.66 million dollar-millionaires by 2015, taking the total number of wealthy to 2.82 million as the world's fastest-growing major economies of China and India continue to mint millionaires, reports Reuters. The report maintained that China will occupy the dominant position as alone it would be home to nearly half of the millionaires in Asia with combined wealth of $8.8 trillion. The world's most populous nation had 502,000 million HNIs with investable assets totaling $2.6 trillion. This will be followed by India who is up for witnessing an upsurge of millionaires by 403 2465 numbers. India would more than double the number of HNIs to 403,000 by 2015. India will be followed by Indonesia at 99 487, Philippines 38 164, Thailand 128 609, South Korea 310 1074, Malaysia 68 329, Taiwan 136 593, Hong Kong 131 711, Singapore 129 616. This makes the total stand at 2820 15812. The report backed its finding with the statistics that the Swiss wealth manager forecast that the wealth of high networth individuals (HNIs), those with $1 million or more in investable assets, would nearly triple to $15.8 trillion in the five years to 2015.

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