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India’s millionaires set to grow at 34% by 2020

18 Feb 2016

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.

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
  • Mumbai dominates as India's wealth hub - it is home to 97,912 HNWIs, that's 37.4% of all India's HNWIs, making it the 10th richest city in Asia

For more information, please download a white paper: 'Subcontinental Shifts: India's Millionaires in 2020'. All information is based on the latest WealthInsight India Wealth Book.

Source: Company Press Release

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