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

NALCO aims at making country country self-reliant in strategic minerals

In its bid to make the country self-reliant in the areas of 12 strategic minerals that are either not available in India or not available adequately, National Aluminium Company (NALCO), HCL and Mineral Exploration Corporation Limited (MECL), the CPSEs of ministry of mines have inked an agreement.

Facebook`s Ten Commandments to fights fake news

Social media giant Facebook has offered “tips for spotting false news” as part of its campaign to combat spread of misinformation. In a full-page advertisement in sections of print media, Facebook offered the tips, along with the tagline: “Together, we can limit the spread

Aiming disinvestment, ITDC properties to be transferred

The central government has agreed to transfer Hotel Jaipur Ashok at Jaipur and Lalitha Mahal Palace Hotel at Mysore of India Tourism Development Corporation Ltd (ITDC) to Rajasthan and Karnataka governments, respectively and disinvest ITDC shares in Donyi Polo Ashok Hotel Corporation. The ca

Rohingyas in India are illegal immigrants: Rajnath Singh

Rohingya people who have entered India are not refugees but illegal immigrants, home minister Rajnath Singh has said, as they have not followed the due procedure to acquire a refugee status. “By deporting Rohingyas from India, we are not violating any international law. India is not a

In Yogi regime, police return to notorious past of encounter killings

Lucknow, September 15 The Uttar Pradesh Police releases official data on crime control under the new dispensation of Chief Minister Yogi Adityanath. Reveals that in 180 days of the new government, 420 encounters have taken place leading to the elimination of 15 supposedl

India-Africa relations: A peep into energy ties

Since the dawn of this century, owing to their growing interdependence, India’s ties with the African states have gradually been acquiring significance in a rapidly globalising world. Such interdependence is manifesting itself quite clearly in economic, developmental and politico-strategic spheres of



Video

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter