The number of millionaires in India has multiplied from 196,000 to 250,000, an increase of 27 over the past year.
This figure is set to hit 437,000 by 2018, and potentially double by 2023, according to latest estimates by Wealth X in its ‘Decades of Wealth’ report.
According to the analysis the world may now be entering “India’s Decade” as aligned to wealth growth is an equally substantial increase in luxury consumption.
The report notes: “Behind this rise is renewed economic optimism and performance, further propelled by the election of a new, reformist government.
“The nation also has a young, well-educated population with high levels of entrepreneurship and business ownership, underpinned by a well-developed legal system. As such, wealth creation opportunities will be great, with a comparatively benign macro environment.
“Wealth creation and luxury consumption will not be quite as controversial in India, nor hampered by social inequality or austerity agendas as has been the case in Brazil and China.”
Wealth-X is a global network focussed on wealth intelligence, providing sales, marketing, strategy and compliance solutions to clients in the financial services, luxury, not-for-profit and education sectors.
Wealth-X’s report echoed the findings of a separate study by Capgemini and RBC Wealth Management, which showed that India’s high-net-worth individual (HNWI) population registered the biggest growth of 26 per cent between 2013 and 2014.
According to the Capgemini data, the second-biggest producer of millionaires during the period was China, whose millionaire population grew from 758,000 to 890,000, up 17 per cent.
Kuwait and Taiwan took the third spot in terms of growth, at 12 per cent, although the former has more millionaires (141,000) than the latter (125,000).
United States still has the highest number of millionaires, at 4.3 million. Japan is the second-biggest hub, accounting for 2.4 million millionaires, followed by Germany, China, United Kingdom, France, Switzerland, Canada, Australia and Italy — all in the top 10.