NEW YORK – India is home to the fourth largest number of ultra-high net worth households that have more than $100 million in private wealth, according to a report.
Continued economic expansion of China and India was driving growth in wealth in the Asia-Pacific region, said the ‘Global Wealth 2015: Winning the Growth Game’ report by Boston Consulting Group.
The US remained the country with the largest number of ultra-high-net-worth households at 5,201, followed by China, the UK, India and Germany in 2014, it said.
India’s ultra-high net worth households grew manifold from 2013 when the number stood at 284.
The private wealth in the Asia-Pacific region expanded by a steep 29 percent in 2014 to reach $47 trillion, enabling it to overtake Europe to become the world’s second-wealthiest region, the report said.
With a projected $57 trillion in 2016, the Asia-Pacific is expected to surpass North America as the wealthiest region in the world and will be the largest pool for client acquisition.
“At such a pace, the region is expected to overtake North America as the world’s richest region in 2016, with $57 trillion in private wealth,” said the report.
The region is also projected to hold 34 percent of global wealth in 2019. With a projected annual growth rate of almost 10 percent, private wealth in Asia-Pacific will rise to an estimated $75 trillion in 2019.
Growth in wealth in the Asia-Pacific region was driven heavily by the continued economic expansion of its two largest economies China and India, the report said.
Private wealth in China and India also showed solid market gains driven mainly by investments in local equities, it said. China’s equity market rose by 38 per cent and India’s by 23 percent, it added.
