India Became Home to 1.56 lakh Millionaires in 2013: Report

PRESS TRUST OF INDIA

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LONDON: India became home to 1.56 lakh millionaires with 3,000 more joining the elite club in 2013, making the country 16th most populous in terms of population of super-rich people worldwide, says a report.

According to the World Wealth Report 2014, released by Capgemini and RBC Wealth Management, there were 1,56,000 high net worth individuals in India in 2013, while in 2012 the figure stood at 1,53,000.

India has been ranked 16th in the list of countries with highest number of HNWI population, the US topped the chart with 40,06,000 millionaires, followed by Japan (23,27,000), Germany (11,30,000) and China (7,58,000) in the second, third and fourth position, respectively.

The top four countries account for more than half (59.9 per cent) of the total worldwide HNWI population.

The world is home to 1.76 million millionaires with collective net worth of $52.62 trillions, registering a 15 per cent increase in HNWI population over last year.

“Overall, 2013 was another strong year for the High Net Worth market, with surging equity markets and improving economies contributing to double digit growth in both population and wealth levels,” RBC Wealth Management & RBC Insurance Group Head M George Lewis said.

“Looking at longer term growth trends, nearly 40 per cent of the current level of High Net Worth wealth has been created in the past five years alone,” Lewis said.

Going forward, wealth growth expected to accelerate with an additional $12 trillion generated by 2016.

“Global HNWI wealth is forecast to reach a new high of $64.3 trillion by 2016, representing 22 per cent growth from 2013 levels and around $12 trillion in new wealth,” the report said.

The report further added that robust growth is expected in most regions, with Asia-Pacific at the forefront with an anticipated 9.8 per cent annual growth rate, positioning the region to be the largest HNWI market by population in 2014 and by wealth by 2015.

North America and Asia-Pacific remained in a close race for the world’s largest HNWI market by population in 2013. North America’s HNWI population expanded by 16 per cent to 4.33 million, while Asia-Pacific’s grew by 17 per cent to reach 4.32 million.

North America maintained its position as the wealthiest region, as its HNWI wealth reached $14.88 trillion, while Asia-Pacific, HNWI wealth reached $14.20 trillion.