MUMBAI: With a stunning 175,000 millionaire households in 2013, India now ranks 15th in the world according to a wealth report brought out by the Boston Consulting Group. With this, India has now moved up a notch on the rankings after being in the 16th place in 2012. A key driver in the rise of private wealth has been strong GDP growth over the past five years, especially in China, India, and Indonesia, the report said.
Hindustan Times reports that the Boston Consulting Groups 14th annual report on the global wealth-management industry Riding a Wave of Growth: Global Wealth 2014 said global private financial wealth grew by 14.6% in 2013 to reach $152 trillion. The total number of millionaire households in the world rose to 16.3 million last year, according to the report.
The rise was stronger than in 2012, when global wealth grew by 8.7%. The key drivers, for the second consecutive year, were the performance of equity markets.
India is projected to become the seventh wealthiest nation by 2018. The number of ultra-high-net-worth (UHNW) households in India, those with $100 million or more, stood at 284 last year.
The total number of millionaire households reached 16.3 million in 2013, from 13.7 million in 2012, representing 1.1% of total households.
The US had the highest number of millionaire households at 7.1 million, as well as the highest number of new millionaires at 1.1 million.
Robust wealth creation in China was reflected by its rise in millionaire households from 1.5 million in 2012 to 2.4 million in 2013, surpassing Japan, where the number fell from 1.5 million to 1.2 million, driven by the 15% fall in the yen against the dollar.
Follow this link to join our WhatsApp group: Join Now
Be Part of Quality Journalism |
Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast. |
| ACT NOW |
| MONTHLY | Rs 100 |  |
| YEARLY | Rs 1000 | |
| LIFETIME | Rs 10000 | |
