Millionaires in India to grow 66% by 2018: Credit Suisse

Written by fe Bureau | Mumbai | Updated: Oct 10 2013, 14:01pm hrs
The number of millionaires in India is expected to grow by 66% in the next five years to 3,02,000 by 2018 from 1,82,000 now, said Credit Suisse Research Institute in its fourth annual Global Wealth Report 2013 released on Wednesday.

Wealth in India rose by 7.4% to $3.6 trillion in mid-2013. At present, Indians contribute 1.8% of the total ultra high net-worth individuals in the world.

Wealth per adult in India is expected to rise at a CAGR of 9.3% to $6,600 by 2018, the report said.

According to the report, aggregate global household wealth from mid-2012 to mid-2013 has gone up by 4.9% in dollar terms to touch $241 trillion. North America has become the world's wealthiest region for the first time since 2005, according to the report, gaining 11.9% or $8.4 trillion to reach $78.9 trillion.

Despite the continuing challenges posed by the economic environment this year, Europe added $5.5 trillion in household wealth, an increase of 7.7%. Eurozone wealth per adult by mid-2013 has recovered more than half of the large loss experienced 12 months earlier, mainly due to rising equity prices, the report observed.

Asia-Pacific, which accounts for 31% of global household wealth and 61% of the world's middle-class consumers, remains the key growth engine of the world economy and wealth creation, according to the report.

China is the top-wealth gainer in Asia Pacific. China's household wealth increased 6.7% to $22.2 trillion or $22,230 per adult, third highest in the world behind the US and Japan, the report noted.