India ranked No. 8 on global list of multimillionaires
LONDON: India has more multimillionaires than Australia, Russia and France.
The latest wealth index by New World Wealth that looks at multimillionaires — an individual with net assets of at least $10 million — has ranked India eighth in the global rich list, below countries such as the US, China, Germany and the UK but above Singapore and Canada.
India is home to 14,800 multimillionaires. Mumbai is home to the highest number of them — 2,700, as many as that in Munich.
Mumbai is the only Indian entry in the top 30 cities for multimillionaires. Hong Kong is the city with the largest number of multi-millionaires (15,400), followed by New York (14,300), London (9,700), Moscow (7,600), Los Angeles (7,400) and Singapore (6,600).
As far as countries are concerned, the US tops the list with 183,500 people worth over $10 million, followed by China (26,600), Germany (25,400), UK (21,700), Japan (21,000), Switzerland (18,300) and Hong Kong (15,400).
Over the past 10 years, millionaire and multimillionaire numbers have grown at vastly different rates. Millionaire numbers worldwide have gone up by 58% during this period, whilst multi-millionaire numbers have gone up by 71%.
There are currently just over 13 million millionaires in the world (as of June 2014). Approximately 495,000 of these individuals can be classified as multi-millionaires.
When it comes to millionaires, the US tops the list followed by Japan and the UK. China and India are both significantly lower on this list than they are on the multi-millionaire list. Russia, which ranks ninth in the world for multi-millionaires, only ranks 18th in the world for millionaires.
"The higher growth of multi-millionaires can be put down to a number of factors including: a widening wealth gap at the top-end, a rising rate of conversion of millionaires into multi-millionaires and strong growth in countries that have a high multi-millionaire to millionaire ratio (the likes of Russia and India)," the report says.
In terms of regional performance, South America was the stand-out, with multi-millionaire growth of 265% over the 10-year period. Other top performers included Australasia (182% growth) and Africa (142% growth). In terms of country performance, major countries that registered 200% plus growth included Russia, Brazil, China, India, Indonesia, Vietnam and Angola. All are emerging markets.
Australia was the top performing developed market with growth of just over 190%
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India ranked No. 8 on global list of multimillionaires - The Times of India
India’s Super Rich Population is Exploding!
India’s richest saw their wealth jump 28% in 2014
An important feature of this growth is that the wealth of Rs 134.7 lakh crore which individuals hold as financial assets, such as bank deposits, equity shares and bonds, stood at 52.3%, which was more than in physical assets (such as real estate or bullion) which stood at Rs 122.7 lakh crore (47.7%).
PUNE: The
richie rich in the country are going places, registering a 27.5% jump in their wealth in 2014 as against the previous year.
Karvy Private Wealth, a part of financial services group Karvy, has estimated in its fifth edition of the India Wealth Report that the total high net worth individual (HNI) wealth in India stood at Rs 257.4 lakh crore ($400 billion) at the end of FY14 — an increase of 27.5% over FY13.
HNIs are defined as those having investible assets of $1 million (Rs 6.2 crore at current rates) or more excluding primary residence, collectibles, consumables and consumer durables. The amount of individual wealth is the aggregate of private wealth in all asset classes in which investment is made by individuals. It does not consider government or institutional holdings.
An important feature of this growth is that the wealth of Rs 134.7 lakh crore which individuals hold as financial assets, such as bank deposits, equity shares and bonds, stood at 52.3%, which was more than in physical assets (such as real estate or bullion) which stood at Rs 122.7 lakh crore (47.7%).
Total wealth with Indian individuals Rs 257.4 lakh crore (or $0.4 trillion) would look like small change if it were to be compared it with the global volume of private wealth which stood at $152 trillion. Sunil Mishra, CEO of Karvy Private Wealth, said: "Wealth with individual investors is expected to grow more rapidly in the next five years, riding on faster growth of the economy."
India’s richest saw their wealth jump 28% in 2014 - The Times of India
Indian wealth rises faster than rest of the world: Karvy
Global wealth grew at 13.8%, while it was twice as fast in India at 27.4%
The rich in India added to their wealth twice as fast as their peers in the rest of the world last year.
Global wealth grew at 13.8 per cent, while it was twice as fast in India at 27.47 per cent, according to Karvy Private Wealth's fifth annual India Wealth Report released on Tuesday. This was also faster than the Asia-Pacific region, which grew at 18%, according to the report.
The report is an annual survey of total individual wealth. This rose to Rs 257.41 lakh crore in India for the financial year ending in March 2014, 27.47 per cent higher than the figure last year.
The mix of this wealth includes Rs.33.76 lakh crore in equity, 100.58 lakh crore in debt and Rs.72.67 lakh crore in the form of assets like gold and precious gems; in addition to Rs.50.38 lakh crore in real estate.
"Indian individual wealth is expected to grow at a CAGR of 14.9% and double over the next five years. Wealth held by individuals in
financial assets is expected to double in next 4 years at a CAGR (Compounded Annual Growth Rate) of 18.3%. Wealth in
physical assets is expected to grow at a CAGR of 10% in the next five years," said a statement issued on the report.
Indian wealth rises faster than rest of the world: Karvy | Business Standard News
