“India will jump from current 14th position to 8th position in House hold wealth index by 2017”, says Barclays Wealth and the Economist Intelligence Unit (BWEIU) in its household wealth report released on its official website on May 07.
India will cross the 4,11,000 millionaire with aggregate wealth of USD1.7-trillion by 2017. In the number of millionaire terms India would surpass China that would have only 2-lakh millionaires with total worth of USD 800-billion, reported Economic Intelligence Unit (EIU) of Barclays Wealth.
Describing about India’s growth EIU says, “In the coming decade, the so-called ‘BRIC Countries’ (Brazil, Russia, India and China) are expected to make the most significant wealth gains in our wealth forecast of 50 countries.”
On the basis of Net Worth individual (HNI), or numbers of millionaire basis besides China, which will cement the third position in overall household wealth, India will be ahead to developed nations like Canada, Spain, Australia, Switzerland and South Korea.
Pointing out the reason behind it, report says that at present, 60 percent wealth of India’s gigantic population usually been invested in physical assets like real estate and gold, while only 30 percent of the wealth are allocated in financial assets like equities, bonds, mutual funds and private equity.
But now the trend is changing and by 2017, it will be change dramatically and till then, the marginal numbers of household with wealth of over USD 5,00,00 would transform into colossal 1.9-million households. Despite of this aggressive growth India will far behind form current wealthiest country, USA that will sustain its position by achieving USD 84-trillion by 2017.
In more than one million millionaires, five new nations would join G-7 nations (USA, UK, Japan, France, Italy, Germany and Canada). These would be Spain, Netherlands, Australia, Taiwan and South Korea while in most emerging nations Brazil would top among them by marking 16th position in this list with 6.75-lakh millionaires by 2017.
USA will maintain its top position from growing current 16.6 millions to 29.7 millions millionaires by 2017. Japan (10.7-million) will surpass UK (5.3-million) with growing numbers of millionaires while Germany (4.1-million) will outshine France (3.8-million) and Italy (3.2-million).
Singapore would likely to outdo Hong Kong in terms of density figure by registering 40.7% population-density as against 39.4% figure of Hong Kong. At present Hong Kong is on top of having more than 26.4% of millionaires-density while Singapore is 23.3%.
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