Why Indians are the Next Millionares

Why Indians are the next Millionares

While the world economy is in shackles, India is performing and setting an example. Since the setback of 2007, all first-world economies have been going through a tough time. However, the number of millionaires in India show the increasing wealth in the country making it the fastest growing big economy in the world today. At the end of 2015, around 2,36,000 high-net-worth individuals with a combined wealth of $1.5 trillion were living in the country, said a report.

According to the India 2016 Wealth Report by New World Wealth, “During our review period, Indian HNWI volumes increased by 55 percent from 1,52,000 HNWIs in 2007 to 2,36,000 HNWIs in 2015. HNWI wealth rose 67 percent, from $0.9 trillion in 2007 to $1.5 trillion in 2015,” the report said.

The report further noted that growth in Indian HNWI wealth and volumes is expected to be strong over the next 10 years. “We expect the number of Indian HNWIs to grow by 135 percent to reach around 5,54,000 by 2025. This will make India one of the top five performing HNWI markets in the world over this period (in terms of percentage of HNWI growth), along with Vietnam, Sri Lanka, China and Mauritius,” it is also stated.

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