India Beats Japan, China In Growth Of Millionaires; Indians Now 4th Richest In Asia!
When it comes to the growth of such HNWI in Asia, then India churned out growth rate of 9.5%
Capgemini has just released their Asia Pacific Wealth Report for 2017, and there is some excellent, encouraging news for Indians. In terms of rise and growth of millionaires, we have beaten China and Japan. As of now, there are 2,19,000 Millionaires in India, with $877 billion of combined wealth.
This way, Indians has just become 4th richest country in Asia.
Wealth Creation in Asia: India Outshines!
Capgemini basically tracks High net worth individuals (HNWIs), in Asia. HNWI are those, who have investable funds of $1 million or more, and which excludes primary residence, collectibles, consumables, and consumer durables.
When it comes to the growth of such HNWI in Asia, then India churned out growth rate of 9.5%, which is more than the growth rate exhibited by China and Japan. The report observed,
“This (growth) was ahead of China and Japan which registered a growth of 9.1 per cent and 6.3 per cent, respectively, for the same period,”
And when it comes to growth in actual wealth, then India showcased 10% annual growth, whereas average growth rate for other countries in Asia Pacific was 8.2%. As per the report, this tremendous growth in wealth creation was mainly triggered by real estate and stock market, two of the most important areas of wealth creation.
The report predicted about India’s wealth creation and said that
“more good news may be on the horizon with improved GDP forecasts for 2017 and 2018 expected to drive further economic growth”.
Growth Of Millionaires: Highlights From The Report
- China and Japan are the wealthiest countries in Asia-Pacific, as they account for 73% of HNWI population and 68% of HNWI’s wealth
- If total wealth created in Asia needs to reach $40 trillion, then annual growth has to be 12.9%, compared to 10.2% which is the present growth rate
- Asia Pacific HNWI had the highest return on investments by wealth managers: 33% ROI, compared to 24.6% growth as observed in rest of the world
- Except Japan, 44.7% of HNWI in Asia hold their assets outside their home country, compared to 41.8% in rest of the world
- HNWI in Asia (except Japan) hold their 24.9% of all wealth in cash, compared to 22.4% in rest of the world
- 49.6% of all HNWI in Asia are inclined to seek advice from different wealth managers
You can find the full report here.