A report by the Boston Consulting Group (BCG) has stated that India’s personal financial wealth is all set to increase by 13% to $5 trillion by the year 2022. With this growth, India is also expected to take the 11th position in the list of wealthiest countries across the world. The current personal wealth of India is estimated to be around $3 trillion.
India is expected to jump four places by the year 2022 from its position in the year 2017. This means that India is expected to overtake other countries like Switzerland, Taiwan, the Netherlands, and Hong Kong to reach this position.
The report released by BCG was titled “The Global Wealth 2018 – Seizing the Analytics Advantage”. It stated that India has posted a 12% Compounded Annual Growth Rate (CAGR) since the year 2012. Apart from China, India is the only other country in the world to have grown at a double-digit rate.
In terms of the wealthiest countries in the world, the United States takes the top position with an estimated personal financial wealth worth $80 trillion as of 2017. This is expected to grow to $100 trillion by the year 2022. The second position is being held by China, which had personal wealth worth $21 trillion in 2017. China’s wealth is expected to double by 2022 and touch $43 trillion. The report also noted that global personal wealth has witnessed a massive growth and stood at a whopping $202 trillion in 2017.
Among the Asian markets, India is the fifth largest country in terms of the number of people in the affluent, high net-worth, and ultra high net-worth categories. The number of ultra high net-worth individuals with a personal wealth of over $20 million is estimated to be around 4,000.
The amount of investable wealth in India increased to 67% in 2017 compared to 64% in the year 2012. This is expected to increase to 80% in 2022. One of the interesting facts here is that nearly 6% of India’s private wealth is held offshore.
Source: Financial Express