The number of high net worth individuals (HNWIs) population in India is set to reach 4.2 lakh by 2015 with a total wealth of USD 2.58 trillion,says a report by Swiss private bank Julius Baer.
The report,which focuses on wealth creation in 10 of Asia’s biggest economies,said the number of HNWIs in Asia would reach to 2.67 million by 2015 and the combined assets is estimated at USD 16.7 trillion.
“The global macroeconomic backdrop has become more challenging,however,Asia has remained resilient thanks to strong fiscal fundamentals,improved economic policy making and greater diversification of trade links,” the report noted.
“Domestic demand,supported by robust job growth,remains a key pillar to Asia’s growth dynamics,” it added.
The report projected that China would be the home of 1.46 million HNWIs with a wealth of USD 9.3 trillion.
In India,the report said that wealth creation was primarily driven by the extension of infrastructure facilitates in the country and labour moving out of agriculture sector.
“Once again China is set to dominate in terms of number of new high net worth individuals followed by India and South Korea,” the report noted.
In HNWI population growth terms,Indonesia is expected to register a 25 per cent compounded annual increase,the highest in Asia,mainly on account of “flourishing domestic business environment.”
Among other countries,super rich wealth in South Korea is expected to reach at USD 1.12 trillion,Hong Kong (USD 728 billion),Taiwan (USD 615 billion) and Indonesia (USD 518 billion).
The report,which also covered high end vendor across four main cities such as Hong Kong,Shanghai,Singapore and Mumbai,noted an 8.8 per cent growth in prices since the last report.