Number of millionaire households in India set to grow 143 per cent by 2010: Study
18 Aug 2011
India will see the number of millionaire households grow from 2.86 lakh to 6.94 lakh between 2011 and 2020, a growth rate of 143 per cent, according to a study by the Deloitte Center for Financial Services.
The study says the growth in millionaire wealth in India is expected to vary across different wealth groups, with the $5-$30 million group in India expected to grow 161 per cent, followed by the $1-5 million group with growth projected 142 per cent and the over $30 million group at 115 per cent.
The $1-$5 million segment is likely to emerge as the largest, with 73 per cent of the millionaire households in the group in 2020.
Among other BRIC nations, China's wealth among millionaires is projected to grow 394 per cent. Brazil will follow China at 257 per cent and Russia will come next with 241 per cent.
According to the study only 0.3 per cent of households in India would hold more than $1 million in wealth, in 2020.
India is also expected to have the highest per capital wealth among millionaires with $4.25 million which would place it ahead of the US.
While much of the wealth creation in India would continue to be driven by ''old wealth'' drivers such as real estate, family business and so on, however, a significant portion is also expected to come from ''new wealth'' drivers such as investment, salary income, equity stakes and new business, according to the study.
