A recent BCG report shows that India has 4.13 lakh wealthy individuals including 3.22 lakh belonging to the affluent segment, 87,000 high net worth individuals and 4,000 ultra-high net worth individuals.
Affluent category comprises individuals having personal wealth in the range of US$ 2,50,000 to US$ 1 million, high net worth individuals fall under the US$ 1 to 100 million bracket and ultra-high net worth individuals have over US$ 100 million wealth.
Over the last five years, the personal financial wealth of these wealthy individuals in India grew at 12% (CAGR) to reach US$ 3 trillion. Going forward, the personal wealth is expected to grow at 13% CAGR to reach US$ 5 trillion by 2022. This will propel India four places ahead from its current fifteenth position (assuming constant currency). In fact, BCG forecasts India to be the eleventh wealthiest nation by 2022.
India setting it up to become the 11th wealthiest nation by 2022
Source: BCG
The report also forecasts India to record the second highest increase in wealth in Asia (US$ 2.2 billion) between 2017 and 2022. In the first place comes China with US$ 22.3 billion of incremental wealth (assuming constant currency).
