Date
16 December 2017
Ferries sit at the quayside in Mumbai. India’s financial capital is home to many of the nation’s super-rich. Photo: Bloomberg
Ferries sit at the quayside in Mumbai. India’s financial capital is home to many of the nation’s super-rich. Photo: Bloomberg

India’s ranks of super-rich expected to swell 40% by 2018

India’s ranks of US dollar millionaires are expected to swell to 358,000 by 2018, an increase of about 40 percent from the level in 2013, according to a report.

The number of dollar millionaires in the south Asian nation last year has been estimated at 248,000, up from 193,000 in 2009, the Wall Street Journal said, citing a report from WealthInsight, a company which tracks the world’s rich. 

While India is home to some of the poorest communities in the world, it is also home to thousands of new dollar millionaires.

By 2018, the country is expected to have 80 dollar billionaires, up from around 60 at present.

High net worth people control close to 65 percent of India’s US$1.3 trillion in individual wealth. That is much higher the rest of the world where the richest control only around 30 percent of total individual wealth, the report noted.

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