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India millionaire numbers rise 55% in 8 years
14
Jul '16
Courtesy: NM Wealth
Courtesy: NM Wealth
The number of Indian millionaires during the period 2007 to 2015, increased by 55 per cent from 152,000 to 236,000. High Net Worth Individuals' wealth rose by 67 per cent from $0.9 trillion in 2007 to $1.5 trillion in 2015, according to the India 2016 Wealth Report by New World Wealth, a global wealth intelligence and market research company.

As part of the India 2016 Wealth Report, New World Wealth (NWW) examined wealth performance in India over the eight year period between the end of 2007 (the peak before the global financial crisis) and the end of 2015, the company said in a press release.

According to the report, growth was positively impacted by strong increase in the local construction, financial services, IT, business process outsourcing and healthcare sectors. Solid economic growth and increased levels of entrepreneurship were two other factors that contributed positively.

The report listed three main factors that negatively impacted the growth of millionaires in India. A 41 per cent depreciation of the rupee against the dollar from approximately 39.4/$ at the end of 2007 to 66.2/$ at the end of 2015 was a major reason.

A 25 per cent drop in the local stock market index (in dollar terms) between 2007 and 2015 and the migration of around 25,000 HNWIs out of the country between 2007 and 2015 also contributed negatively. Growth in Indian HNWI wealth and volumes is expected to be strong over the next 10 years.

NWW said it expects the number of Indian HNWIs to grow by 135 per cent, to reach approximately 554,000 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.

The 135 per cent rise will be fueled by strong growth in the local financial services, professional services and media sectors, the report said.

Overall, NWW gave India a score of 7 out of 10 in the wealth scorecard. (SH)

Fibre2Fashion News Desk – India

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