Key highlights:
- The number of Indian millionaires (or HNWIs) is forecast to grow by 34%, to reach 371,150 by 2020, while HNWI wealth is projected to grow by 53.1% to reach US$2.1 trillion
- However, India’s wealthy are recovering from recent economic turmoil - their number grew at only 4.4% last year following a 1.1% decline from 2013-2014
- The collective wealth of India’s HNWI population is US$2.1 trillion, an average wealth of US$4.9 million each. That’s US$1.3 million higher than the average wealth of a Chinese millionaire
India's millionaires set to grow at 34% by 2020
A new study from WealthInsight forecasts India’s millionaire population to grow at 34% by 2020 compared to a growth of 4.4% in 2014 – the increase coming at a time of turmoil in most emerging markets and rising concerns over inequality.