With 2.36 lakh millionaires India is land of extremes

India sits at the bottom three in per capita income group

GN Bureau | January 19, 2016



Here is a case for policymakers to ponder over the failure of schemes to bridge income gap in the country. India is among the top five Asia Pacific countries in terms of total private wealth held, but at the bottom in terms of per capita income.

According to the Asia Pacific 2016 Wealth Report, by New World Wealth India's total individual wealth stood at $ 4,365 billion. Total individual wealth refers to the private wealth held by all the individuals in each country, including all property, cash, equities and business interests.

On per capita basis, India was last among the bottom three, as the average wealth per person stood at $ 3,500, while that of Australia, which topped the ranking, stood at $ 204,400.

Meanwhile, by 2025 India is expected to see a 105 per cent growth in High Net Worth Individuals (HNWIs) population to 483,800 from 236,000, the report added.

Currently, India is home to the fourth largest population of millionaires in the Asia Pacific region, with 2.36 lakh such high net worth individuals. Japan topped the list with 12.60 lakh people.

According to the wealth report, by New World Wealth, India was ranked among the top five Asia Pacific countries in terms of number of HNWIs.

HNWIs (millionaires) were defined as those individuals with net assets of USD 1 million or more.

At the end of 2015, there were, 12,60,000 millionaires in Japan, while China ranked second with 654,000 HNWIs and Australia was at the third place had 290,000.

Others in the top 10 in terms of number of HNWIs in Asia Pacific include, Singapore at the fifth place with 224,000 millionaires, Hong Kong (6th, 215,000), South Korea (7th, 125,000), Taiwan (8th, 98,200), New Zealand (9th, 89,000) and Indonesia (10th, 48,500).

China topped the total individual wealth list with corpus of $ 17,254 billion.

"As reflected, Australians are the wealthiest individuals in Asia Pacific with $204,000 in wealth per person, whilst people in Pakistan are the poorest with $ 1,600 per person," the report added.

It also noted that there were around 3.5 million HNWIs living in Asia Pacific, with combined wealth holdings of $ 17.7 trillion.

Asia Pacific HNWI numbers have increased by 115 per cent over the past 15 years, compared to the worldwide HNWI growth rate of 82 per cent and going forward, HNWI numbers in Asia Pacific are expected to rise by 50 per cent over next 10 years, reaching around 5.2 million by 2025, it added.

Comments

 

Other News

Finance ministry ropes in NBCC to build houses for officers

Department of Economic Affairs (DEA) and National Buildings Construction Corporation Ltd (NBCC) have signed an agreement for the construction of housing project for Indian Economic Service (IES) officers. For this, the urban development ministry has allotted 3,519 square metre of land on Dee

Aviation minister lays foundation of integrated office of aviation agencies

The foundation stone for the integrated office complex of director general of civil aviation (DGCA), bureau of civil aviation security (BCAS), airports economic regulatory authority of India (AERA), aircraft accident investigation bureau (AAIB) and airports authority of India (AAI) was laid by civil aviati

Civil society pays tribute to veteran journalist Neelabh Mishra

Civil society has paid rich tributes to Neelabh Mishra, veteran journalist and human rights activist, who died in Chennai Saturday after a prolonged battle with liver failure. The National Alliance of People`s Movements (NAPM) said it was deeply saddened to know of the untimely demise of its

All you need to know about the H-1B visa rules

It seems the process of procuring H-1B visas may get more difficult for the Indian IT companies with the new policy announcement by the US president Donald Trump. The new policy may hit the third party supplier base of the Indian IT firms in the US, the biggest users of H-1B visas. Moreover, now the H-1B m

Book Review: Letters to a Young Poet

Most of us would recall how sorely we needed a guide, a mentor, when we were in our twenties and starting out in a career, or in the deeper study of a branch of k

Can we handle our e-waste?

India is the fifth largest producer of e-waste in the world and has discarded approximately 18 lakh metric tonnes of e-waste in 2016, which is 12 percent of the global e-waste, according to a United Nations University study, ‘The Global E-Waste Monitor 2017’. In fact by 2020, India’s e-wa

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter