We have always been hearing till date that “India is a poor country.” But India now is a home of around 83,000 millionaires having a net asset of $1 million or more.
The world too is getting richer by the day. There are now 8.7 million millionaires on the planet, 6.5 per cent more than there were last year. According to the report India might become the fourth largest economy by 2025 and the third largest by 2050, behind only the US and China. Analysing the global trends, the report makes the following observations:
- 8.7 million people globally hold more than $1million in financial assets — an increase of 6.5% over 2004.
- South Korea, India, Russia and South Africa witnessed the highest growth in HNWI populations.
- HNWI wealth totals $33.3 trillion, representing an 8.5% gain since 2004.
- Wealth generation was driven by real GDP gains and continued market capitalisation growth.
- Emerging markets registered strong advances in market capitalisation, aiding wealth creation in regions such as Latin America, Eastern Europe and Asia-Pacific.
- HNWI financial wealth is expected to reach $44.6 trillion by 2010, growing at an annual rate of 6.0%.
HNWI : High Net Worth Individuals
(Economic data derived from The Economist Intelligence Unit, selected countries, February 2006)
