India had the 12th largest millionaire population in the world in 2010. The country for the first time entered the Top 12 league of high net worth individuals (HNWIs) on the back of a robust economy and strength in key wealth drivers such as equities.
According to the World Wealth Report released by Merrill Lynch Wealth Management and Capgemini today, the number of HNWIs in India soared to 153,000 in 2010. India took over Spain, which dropped to the 14th position.
HNWIs are individuals with investible assets of $1 million or more, excluding primary residence, collectibles, consumables and consumer durables.
The growth in HNWIs was nearly 20.8 per cent from 126,700 in 2009, the highest among the top 12 countries, and more than that of China where the number grew to 535,000 from 477,000.
“India with a GDP growth rate of 9.1 per cent in 2010 and an increase in market capitalisation by 24.9 per cent presents a great opportunity and continues to remain an important market for wealth management providers worldwide,” said Atul Singh, managing director and head of Merrill Lynch Global Wealth Management, India.
According to the report, the Asia-Pacific region continues to contribute the greatest year-on-year additions to global HNWI ranks. During 2010, the millionaire population in the Asia-Pacific rose 9.7 per cent to 3.3 million, overtaking that of Europe where the growth at 6.3 per cent saw the total number of HNWIs at 3.1 million. The wealth of Asia-Pacific HNWIs’ rose 12.1 per cent to $10.8 trillion, more than the $10.2 trillion held by their peers in Europe.
Asia’s growth has been led by India and China and it is being felt that the Asia-Pacific will soon overtake North America (3.4 million) in terms of the number of high net worth individuals.
The millionaire population remained concentrated in the US, Japan and Germany, which together accounted for 53 per cent of the world’s HNWIs.
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