GST Fails To Dampen Spirits – India Is Home To Fastest Growing Millionaires In The World!
Real estate and Equities are the most preferred asset class of the richest, globally.
Demonetisation, then GST and battle against black money etc were some of the factors attributed to sluggish economic growth of India.
But not anymore.
As per a recent report on wealth creation by Capgemini, it was found that India is home to the fastest growing population of millionaires, anywhere in the world.
This means that India is producing more millionaires that anyone else!
Millionaires In India Are Expanding!
As per the World Wealth Report by Capgemini, there are right now 2.63 lakh millionaires (in dollar value), which is an increase of 20% compared to last year.
In 2016, there were 219,000 such millionaires.
20% growth in new millionaires hasn’t been observed anywhere in the world.
The combined wealth of these high net worth individuals having more than $1 million assets increased by 21% to reach mind boggling $1 trillion in 2017.
The report said, “India was the fastest-growing market globally.”
Globally, the number of new millionaires increased by 11.2%, and the wealth owned by them increased by 12%.
Here Are The Wealthiest Nations
Although Indian millionaires increased at a rapid pace, the world’s biggest wealth markets remains US, Germany, Japan and China.
Overall, the market capitalisation of the wealthiest people around the globe increased by 50% in 2017, which is unprecedented.
Two main reasons for this stunning increase in wealth were:
- Real Estate: 4.8% was the average increase in real estate prices across the globe, which made the real estate barons and investors wealthy
- GDP: All across the world, GDP increased by 6.7%, which means more wealth was created by one and all.
Some major highlights:
- Globally, wealth of high net worth individuals crossed $70 trillion
- This is an increase of 10.7% in wealth, compared to last year
- Overall, 1.6 million new millionaires were added, globally
- 74.5% of all millionaires are from Asia and North America
- Equities (30.9%); Cash and Cash equivalent (27.2%) and Real Estate (16.8%) were the top three asset class of the rich, across the world.
- 29% of all High Net Worth Individuals across the world showed keen interest in buying cryptocurrencies
You can find the entire report right here.