India’s Super Rich Population is Exploding!

[Chanakya's_Chant]

India’s super rich population is exploding
India’s super rich are getting richer—and doing so much faster than most Asian countries.

The 27-story Antilia tower, built by Indian billionaire Mukesh Ambani in Mumbai, is deemed to be the World's second most expensive residential property.​

Between 2013 and 2014, the number of ultra high net worth (UHNW) individuals in India grew by 9.49% to 8, 595 while the amount held by them increased 8.34% to $1, 013 billion, according to the World Ultra Wealth Report 2014.

That’s the fastest rate of growth in UNHW individuals among the 10 leading countries that house the most super rich.

At the same time, Japan and China—the two Asian countries with most UHNW individuals—are witnessing a slowdown.

The number of super rich in Japan grew by 3.15% in 2014 and the amount they collectively hold rose by 4.7%.

In China, their population grew by 3.7% in 2014, after declining 5.06% in 2013. The total amount held by the Chinese super rich swelled by 3.3% last year.

Even though the number of UHNW individuals in India has risen steadily since 2012, their numbers (8, 595) remain small compared to Japan’s UHNW population of 14,720—the highest in Asia—and China, which is home to 11,070 super rich citizens.

But Indian cities like Mumbai (2,440) and New Delhi (2,130) now house more super rich individuals than Singapore (1,395), Shanghai (1,535) and Seoul (1,095). India’s financial capital, in fact, has a larger population of UHNW individuals than Beijing (2,415).

The report defines UHNW individuals as people with a net worth of at least $30 million, including shares held in public and private companies along with investments in different assets such as real estate.

Globally, US has the highest number of UHNW individuals with 69, 560 followed by Germany, Japan, UK, China and India.

In 2014, the number of UHNW individuals in the world increased by 6% to 211,275, while their wealth increased 7% to nearly US$30 trillion. This increase can be attributed mainly to the robust global equity markets that allowed them make money off stocks.

In all, 211,275 individuals, representing about 0.004% of the global population, hold about 13% of the world’s total wealth.

But Asia’s performance remained weak compared to last year. “One of the reasons for the comparatively slower UHNW growth in Asia is the significant number of UHNW individuals who relocated outside of this region, limiting internal gains,” the study said.

The slowdown in the growth of the super rich in Japan and China is also a sign of “faltering confidence in the effectiveness of Abenomics in Japan and indications of overleveraging and a slowing real estate market in China,” the report said.

Nonetheless, Indian and Chinese cities are likely to takeover Japan as UNHW hubs within the next five years, the report added, as their own super rich populations grow and wealthy foreigners look to tap into Asia’s growth momentum.

Source:- India’s super rich population is exploding – Quartz

 

[a.kumar]

 

[Chanakya's_Chant]

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

 

[kbd-raaf]

More like previously unreported wealth being reported for the purposes of taxation amnesty.

 

[Chanakya's_Chant]

More like previously unreported wealth being reported for the purposes of taxation amnesty.

Not sure about it but the main reason are the 1991 economic liberalization reforms and the subsequent FDI inflows - as the economy expands so will the wealth - Not to forget the booming Indian Share Market - 30% up in 2014 - Investors gained over Rs. 28 trillion or $440 billion!

Stock market investors richer by Rs 28 lakh crore in 2014

 

[Gibbs]

The 27-story Antilia tower, built by Indian billionaire Mukesh Ambani in Mumbai, is deemed to be the World's second most expensive residential property.​

That building is such an atrocious edifice!! What an eye sore.. What was he thinking ?

 

[vsdave2302]

Ye Black money bahar nikalvao. Number will raise to 20 times atleast. If all black money is declared, Even surat will surpass 5000 Numbers. Sala 100 crore sab ke pass hai. Even person having Rs 100 crore says that I am a small business man and a poor fellow.

 

[Chanakya's_Chant]

That building is such an atrocious edifice!! What an eye sore.. What was he thinking ?

It was designed by Perkins and Will - a global architecture and design firm - was considered the most feasible design to survive an 8-Richter scale earthquake maintaining luxury and grandeur of the 27 storey private residence at the same time at a whopping cost of $1 Billion. Moreover it's just an example of rich Indians' lack of empathy for the poor.

 

[AZADPAKISTAN2009]

ram ram ram ram , kiya kalyug agya hai.

Aek insan ki chariter ko chor ker , ye kalyug ke basi paise ke pujari ban gaiye hain

Muj ko aek saṅkaṭ main dal diya hai

Is rājy ka kiya bane ga , ji main koi gharib virōdh bhi nahi ker sakta

Sub apni abhiyān main lage hain , koi building bana raha hai , koi movie bana raha ha

Mager ... koi nāgarik , sucha nāgarik nahi bana raha

Sucha nāgarik , to wo hai jo apne mitr, ke liye iss paise ko chur de

Ye sarakār ab fail ho chuki hai , aur bhraṣṭ hai jo in nāgarik , ko control nahi kar rahi

 

[oFFbEAT]

What's the condition of the 'super-poor'.....is their population 'imploding'?.....are they dying out unable to cope with the continuous 'blood-sucking' by the 'super-rich'?.....

 

[Gibbs]

It was designed by Perkins and Will - a global architecture and design firm - was considered the most feasible design to survive an 8-Richter scale earthquake maintaining luxury and grandeur of the 27 storey private residence at the same time at a whopping cost of $1 Billion. Moreover it's just an example of rich Indians' lack of empathy for the poor.

Dayymnn..Yes i have seen it first hand.. Just sticks out like a sore thumb around that area.. It is estimated to be worth $1 Billion but the cost to build was somewhere around $70 Million.. Still a shyt load of money

Irony is it is said the Ambani's bought the land that belonged to an orphanage after a hefty bribe to the local authorities

 

[Armstrong]

What we need is a Socialist revolution so that the wealth can be returned to the masses instead of being concentrated in few hands like those that belong to extremely rich guys like @SarthakGanguly and @Joe Shearer .

Both have a jacuzi, a mini bar stocked with the best Cognac in the world and seats made out of the hide of endangered species in their personal limousines and both use a $100 bill as a wet-wipe to clean their hands after dinner !


I'd add @Dillinger to the list purrr as a fellow former Accountant....I know...apniii jaiiib mein tou paisaa hiii nahin hotaaa !

 

[zip]

ram ram ram ram , kiya kalyug agya hai.

Aek insan ki chariter ko chor ker , ye kalyug ke basi paise ke pujari ban gaiye hain

Muj ko aek saṅkaṭ main dal diya hai

Is rājy ka kiya bane ga , ji main koi gharib virōdh bhi nahi ker sakta

Sub apni abhiyān main lage hain , koi building bana raha hai , koi movie bana raha ha

Mager ... koi nāgarik , sucha nāgarik nahi bana raha

Sucha nāgarik , to wo hai jo apne mitr, ke liye iss paise ko chur de

Ye sarakār ab fail ho chuki hai , aur bhraṣṭ hai jo in nāgarik , ko control nahi kar rahi

I dont know who earns how much but I know one thing If some one is willing to work even a common labour govt base rate is 180 per day and no one goes there even they are guaranteed 240 days of work per year ..They can earn 400 rs per day in labour work for private works ..Here in southern states more than 60% families can have 30 kg of rice per month for 1rs/kg through public distribution system!!! After all its not a bad condition for poor people if they are willing to work ..

 

[Chanakya's_Chant]

What's the condition of the 'super-poor'.....is their population 'imploding'?.....are they dying out unable to cope with the continuous 'blood-sucking' by the 'super-rich'?.....

Poverty is also being eliminated since the 1991 reforms - The World Bank says India has been the biggest contributor to poverty reduction between 2008 and 2011, but even this remarkable feat is not enough. India's poverty rate drop from 51% in 1990 to about 29% in 2013 - #2 in Poverty Reduction after China overall.

India's Exceptional Achievements in Social Sector and Improvements in Quality of Life
The World Bank on India’s poverty - Livemint
BBC News - How life is improving in India's poorest regions

But the problem is the rate of wealth accumulation by India's super rich is much more than the poverty eradication rate further widening the gap between India's rich and poor.

 

[The enlightened]

Poverty is also being eliminated since the 1991 reforms - The World Bank says India has been the biggest contributor to poverty reduction between 2008 and 2011, but even this remarkable feat is not enough. India's poverty rate drop from 51% in 1990 to about 29% in 2013 - #2 in Poverty Reduction after China overall.

India's Exceptional Achievements in Social Sector and Improvements in Quality of Life
The World Bank on India’s poverty - Livemint
BBC News - How life is improving in India's poorest regions

But the problem is the rate of wealth accumulation by India's super rich is much more than the poverty eradication rate further widening the gap between India's rich and poor.

Surprisingly, even Communist China has a poorer scorecard than India in Gini Coefficient. But they have much more income, so its not as bad for their poor as it is for ours.