According to the Asia Pacific 2016 Wealth Report, by New World Wealth, India ranked 4th among the top five Asia Pacific countries in terms of number of high net worth individuals (HNWIs) with 2.36 lakh.
- Japan has topped the list with 60 lakh people while China ranked second with 654,000 HNWIs and Australia was at the third place with 290,000.
- India is among the top five Asia Pacific countries in terms of total private wealth held but at the bottom in terms of per capita income.
- HNWIs are defined as those with net assets of $1 million or more.
Others in top 10 in terms of number of HNWIs in Asia Pacific include:
Singapore at the 5th place with 224,000 millionaires, Hong Kong (6th, 215,000), South Korea (7th, 125,000), Taiwan (8th, 98,200), New Zealand (9th, 89,000) and Indonesia (10th, 48,500).
Highlights of Report:
On the basis of Individual Wealth:
India’s total individual wealth stood at $4,365 billion while China topped the list having total individual; wealth of $17,254 billion.
- Total individual wealth refers to the private wealth held by all the individuals in each country, including property, cash, equities and business interests.
On Per Capita basis:
On per capita basis, India was last among the bottom three, as the average wealth per person stood at $3,500, while that of Australia topped the ranking with $204,400.
- People in Pakistan are the poorest with $1,600 per person.
There were around 3.5 million HNWIs living in Asia Pacific, with combined wealth holdings of USD 17.7 trillion. By 2025, India is expected to see a 105% growth in HNWI population to 483,800 from 236,000
About New World Wealth:
It provides information on the global wealth sector, with a special focus on high growth markets. It provides customized services to luxury goods companies, private banks, wealthy individuals (HNWIs), family offices, real estate professionals and fund managers.
- It interview over 800 HNWIs every year in order to determine their preferences.