India has slipped one place to 12th spot in terms of millionaire population, even as their numbers have grown marginally to 2 lakh.
Last year, India was ranked 11th with 1.98 lakh such high networth individuals (HNWIs), according to a report by Capgemini. India along with China is seen as engine of growth by the global wealth managers.
The report said 13% of the global wealth managers feel that India has the biggest area of high net worth individual wealth expansion through 2025, while the same is 27% for China. The global wealth is projected to reach US $100 trillion by 2025.
While globally in 2015, HNWI wealth saw only a modest growth of 4%, wealth in Asia-Pacific grew at an aggressive 10%, propelling it to the lead position as the region with the most HNWI wealth globally. This is the first time that Asia-Pacific is ahead of North America for both HNWI wealth and population.
In 2015, Asia-Pacific held US $17.4 trillion in wealth with a 5.1 million HNWI population in comparison to North America's US $16.6 trillion in HNWI wealth and 4.8 million in population. "Asia-Pacific will represent two-fifths of the world's HNWI wealth in 10 years, more than that of Europe, Latin America, and the Middle East and Africa combined. Japan and China stand out as regional dynamos, driving almost 60% of global HNWI population growth in 2015," the report noted.
Global high net worth individual's wealth reached US $58.7 trillion and their population grew at 4.9% to be 15.4 million in 2015. "Since 1996, global HNWI wealth growth has expanded by four times equalling nearly US $59 trillion, and if current modest growth rates hold, wealth is projected to reach US $100 trillion in 2025," the report added.
