Rich and Growing! Study says India to be home to 4.37 lakh Millionaires by 2018

India will be home to 4.37 lakh millionaires by 2018 with the count doubling by 2023, as a rapid rise is expected in the ultra-rich population over the coming 10 years – making it ‘India’s Decade’ in terms of wealth creation, a new study says. Stating that a “long-standing caste system” makes the wide gaps in incomes and wealth more acceptable in India, the study by Wealth-X found that wealth creation and luxury consumption are relatively hampered by “social inequality or austerity agendas” in other emerging markets like Brazil and China.

It has also credited a “renewed economic optimism and performance, further propelled by the election of a new, reformist government” for the sharp growth in India’s ultra-rich population. Over the past year, the number of millionaires in dollar terms in the country rose from 196,000 to 250,000, registering an increase of 27 per cent.

“Looking forward, India will continue to generate new millionaires at a rapid pace; we forecast 437,000 millionaires by 2018, and potentially double that number by 2023,” Wealth-X said in its report titled ‘Decades of Wealth: The Next 10 Years In Wealth and Luxury’.

Moreover, the nation also has a young, well-educated population with high levels of entrepreneurship and business ownership, underpinned by a well-developed legal system that in turn would help in wealth creation, the report said. Aligned to this wealth growth will be an equally substantial increase in luxury consumption, the report said.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here