India also need to grow its middle class at a fast rate. Nevertheless, it is a good news.
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India is adding ultra-high net worth individuals (HNWIs) at a staggering pace.
In 2017, the number of HNWIs in India grew 20% year-on-year, higher than in any other country, to 278,000, according to an Asia-Pacific Wealth Report by consultants Capgemini, released on Nov. 28. The overall wealth of these Indian heavyweights also expanded by 20% during the year to $1.1 trillion (Rs77 lakh crore).
Capgemini defines HNWIs as individuals who typically have at least $1 million in investment-worthy assets.
“In Asia-Pacific, India was the most fertile market for ultra-HNWI population (22.2%) and wealth (23.4%) growth. Comparatively, ultra-HNWIs in the rest of the world managed to sustain a 9.2% population growth momentum and 9.6% wealth growth momentum,” the report noted.
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India’s ultra-rich population is growing faster than anywhere else
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India is adding ultra-high net worth individuals (HNWIs) at a staggering pace.
In 2017, the number of HNWIs in India grew 20% year-on-year, higher than in any other country, to 278,000, according to an Asia-Pacific Wealth Report by consultants Capgemini, released on Nov. 28. The overall wealth of these Indian heavyweights also expanded by 20% during the year to $1.1 trillion (Rs77 lakh crore).
Capgemini defines HNWIs as individuals who typically have at least $1 million in investment-worthy assets.
“In Asia-Pacific, India was the most fertile market for ultra-HNWI population (22.2%) and wealth (23.4%) growth. Comparatively, ultra-HNWIs in the rest of the world managed to sustain a 9.2% population growth momentum and 9.6% wealth growth momentum,” the report noted.
...
India’s ultra-rich population is growing faster than anywhere else