India’s millionaire population grew slowest among top economies; added this many HNWIs last year

The US saw 11 per cent growth in the number of millionaires from 53.22 lakh in 2018 to 59.09 lakh in 2019.

India’s population of high net worth individuals (HNWI), having an investable wealth of $1 million (Rs 7.49 crore) or more, grew slowest among 23 leading nations globally such as the US, Japan, China, Spain, the UK, Saudi Arabia, Norway, Thailand, etc. From 2.56 lakh millionaires in 2018, a growth of 3 per cent was recorded in 2019 with 7,000 new millionaires taking the total to 2.63 lakh, according to the World Wealth Report: 2020 by Capgemini. Apart from India, South Korea and Indonesia also registered 3 per cent growth in its number of millionaires in the overall list of 25 countries that was topped by the US with 11 per cent jump in its millionaires from 53.22 lakh to 59.09 lakh. On the other hand, the number of HNWIs in India was 12th highest among the 25 countries in the list.

“India, South Korea, and Singapore recorded weak progress in 2019, which led to sub-par growth in HNWI population and wealth for the entire region. Anemic performance in these markets was the result of economic slowdown and weakening local currencies,” the report added. HNWIs’ investible assets of $1 million or more exclude primary residence, collectibles, consumables, and consumer durables.

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The majority or 61.6 per cent of the global HNWI population was concentrated in four economies including the US followed by Japan (33.87 lakh), Germany (14.66 lakh), and China (13.17 lakh). The report covered 71 countries that account for over 98 per cent of global gross national income and 99 per cent of world stock market capitalization. The 2020 Global HNW Insights Survey by the company had queried over 2,500 HNWIs in 21 top wealth markets in multiple regions including North America, Latin America, Europe, and the Asia-Pacific.

Meanwhile, Indian tycoon Mukesh Ambani recently pipped Steve Ballmer and Warren Buffett to become the fifth richest person on Earth with a net worth of a whopping $77.8 billion. The jump in his wealth has come on the back of massive Rs 1.18 lakh crore funding raised by Reliance from top investors globally including Facebook, Google, and more for his technology vertical Jio Platforms and e-commerce venture JioMart to take on Grofers, BigBasket, Amazon, etc.