Average Indian Increased Wealth By 400% In Last 10 Years; Hailed As #1 Wealth Creators in the World
Asian economies, which include India, China and Vietnam were the top wealth creators in the whole Universe. In the last 10 years, an average Indian, for instance, increased his wealth by whooping 400%.
These insights into the wealth creation were revealed by New World Wealth, an independent organization which studies and reports the trends of wealth creation.
Besides, India, Asian countries like China, Vietnam were also mentioned as leading wealth creators between the period 2005-15.
However, somebody’s gains is somebody’s loss.
During the same time, an average European decreased his wealth by 5%. At the start of 2005, every citizen of Europe was worth $86,000, which has now decreased to $81,7000.
As per the report, the primary cause for losing wealth in Europe has been the reverse drain of migrants. With better economic conditions, more and more migrants are leaving Europe, and along with them, taking their wealth back.
Interestingly, India is facing a opposite problem right now: Migrants are taking their wealth away from India. Last year alone, 4000 millionaires left India to reach other developed countries. But despite this fact, India has been able to maintain their wealth creation spree, and is ranked #1 in the whole world.
In 2013, India had 7850 ultra wealthy families, who had a net worth of more than $30 million. And in 2014, it was found that Mumbai has more billionaires than Tokyo and India was ranked #4 wealthiest nation in Asia.
Another interesting fact: Ambani, Premji, Shanghvi, Mittal & Mistry own half of total billionaire’s wealth in India. This clearly shows the discrepancy in wealth distribution inside India.
Some other interesting facts from the recent New World Wealth report:
- In Australia, average wealth increased by 100% whereas in Canada, the increment was 50%
- Global financial crisis of 2008 is also being attributed to the loss of wealth in Europe in the last 10 years
- In coming years, average wealth in Europe will continue to decrease; However, Eastern European countries like Poland is expected to do well
- Four countries from Europe which will struggle the most: Germany, the UK, France, Italy and Spain
- In Asia, five countries mentioned as the best prospect for increasing wealth are: China, India, Sri Lanka, Philippines and Vietnam