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.
In many ways the story of Gross National Happiness in a country is the story of Bhutan and its modern history. There are two major transition points in Bhutan’s recent history, the beginning of the monarchy in 1907, and the transition to a Constitutional monarchy in 2008, and the pursuit of happine
Do you agree with the ban on the sale of cattle for slaughter through animal markets?
Prime minister Narendra Modi celebrated three-year of his government on May 26 by inaugurating Dhola-Sadiya bridge over the Brahmaputra river in Assam’s Tinsukia district. It is the longest bridge in India, which runs 9.15 km from end to end and connects Assam with Arunachal Pradesh.
IndianOil posted a net profit of Rs 19,106 crore for 2016-17 fiscal as compared to a profit of Rs 11,242 crore in the last fiscal. The income from operations for the financial year 2016-17 was Rs 4,45,373 crore as compared to Rs 4,06,828 crore in the previous fiscal. IndianOil`s income from
Hindustan Aeronautics Limited (HAL) carried out first flight of light utility helicopter (LUH)-PT-2 on May 22 at its Bengaluru-based facility. The flight duration was about 22 minutes and pilots reported nil snag, HAL said. “These maiden flights of indig
Narendra Modi is like Greek mythology’s King Midas: whatever he touches turns into gold. Most people in this country are left dazzled by his ability to make dramatic announcements with a statuesque flourish. The past three years of the Modi government have left the