Becoming a millionaire does not have the same glamour and air of unattainability as it once did. So much so, that the term ‘millionaire next door’ does not sound unreasonable anymore. While it might be hard to wrap your head around just how quickly this segment is growing, especially in emerging markets, the data illustrates it quite clearly. Business consulting firm Capgemini’s recent Asia-Pacific Wealth Report for 2018 revealed that wealth of Indian high net-worth individuals (HNWIs) rose to nearly 22% in 2017 compared to the previous year. This is the fastest growth in the region for the particular period.
While there is no clearly defined level of wealth to determine who fits into the category, those with a net worth of $1 million or more are generally considered HNWIs.
