India Has 175,000 Millionaire Households


BANGALORE – There are 1.75 lakh millionaire households in India says the recent survey conducted by Boston Consulting Group titled ‘Riding a Wave of Growth: Global Wealth 2014’.

Ranked 15th in the list of countries with the most number of households, India has moved one position up from 16 from 2012. From the 13.7 million people in 2012, the numbers have improved to 16.3 million in 2013,

That is not all; India is also expected to become the seventh wealthiest nation by 2018. This should get Indians excited as the country is currently nowhere is close to the top ten wealthiest nations.

U.S. has the highest number of millionaire households with 7.1 million. The country should be proud that it has 1.1 million latest entries into the millionaires list. China has also been on a high with 2.4 millionaire households in 2013 compared to 1.5 million in 2012.

Japan, however, has seen the downside with the numbers. It recorded a drop to about 1.2 million in 2013 from the earlier 1.5 million from 2012. The reason behind is expected to be the falling prices of yen against the dollar.

“As the debate over the global polarization of wealth rages on, one thing is certain: more people are becoming wealthy,” the report said.

Region wise, North America at $ 50.3 trillion, Western Europe at $ 37.9 trillion remained the top two wealthiest regions in the world, close on the heels is the Asia-Pacific region at $ 37 trillion.

China, India and Indonesia have seen a steady increase due to the strong GDP growth over the past five years, says the report. The U.S. has recorded almost double the wealth held privately, from 10.7 trillion in 2012 to 19.3 trillion in 2013.

Qatar meanwhile has the highest density of millionaire households–175 out of every 1000 households, followed by Switzerland with 127 and Singapore with 100 households.

Globally, the amount of wealth held privately rose by $ 19.3 trillion in 2013, nearly twice the increase of $ 10.7 trillion seen in 2012.

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