India is the fourth fastest growing country in terms of ultra-high net worth (UHNW) individuals behind Bangladesh, China and Vietnam as per recent World Ultra Wealth Report by Wealth X.
During 2012 – 2017, Bangladesh saw an impressive 17% compound annual growth in its UHNW population of 17%. Vietnam, Kenya and India too reported double-digit growth in their ultra-rich population. This increasing wealthy population amongst emerging economies highlights the wealth creation opportunities across the emerging world.
As we can see, 6 out of the 10 top fastest growing economies in terms of UHNW population are in the Asia Pacific region taking up the the region’s share of the global ultra-wealthy population to 26.5% from around 18% a decade ago. Growth in China, Hong Kong and India have contributed significantly to the increase in wealth. These three economies each registered over 30% increase in wealth during the period.
The report observes that global trade tensions and a gradual shift away from easy money have weakened the near –term outlook for emerging economies. This uncertain global environment has contributed to increased volatility in capital markets and strengthening of US$ against emerging market currencies since the start of 2018.
On the assumption that a global trade war is averted, a continued expansion of the large Chinese economy will help to drive wealth gains across the region, most notably in fast-growing India in the medium term, says the report.
Source: Wealth X
