India to have a one million millionaires (HNWIs) by 2017, according to WEF
In 2017, HNIs held $3.9 billion, or 48% of India’s estimated $8.2 billion wealth, according to New World Wealth.
The country will have 950,000 millionaires by 2027, up almost 190% from 330,000 last year, a recent report by Johannesburg-based market research group New World Wealth predicts. This rise will mainly be due to competitive wages, strong economic growth, and an increasing number of entrepreneurs, the report said.
This wealth is set to triple in the next decade to $25 billion by 2027, New World Wealth estimates.
Mumbai is home to more Indian millionaires than any other city.
More than four in 10 HNIs residing in India held the post of a director at a company.
One in five Indian HNIs held properties abroad; London, New York, Singapore, and Dubai are popular destinations for second homes.
Source: wef.ch
