Number of millionaire households in India increasing fast

A recent report by Boston Consulting Group, a global management consulting firm, titled “Shaping a New Tomorrow: How to Capitalize on the Momentum of Change” reveals that India, along with China, has shown the highest increase in private wealth in 2010. Private wealth relates to holdings of individuals or households in various asset classes including equities, commodities, real estates, etc.

The report says that the private wealth in India has jumped 21.6 per cent in 2010; This constitutes 8 per cent of $ 9 trillion increase in global wealth. The report states that the number of millionaire households in India increased to 190,000 compared with 139,000 in 2009. But reminding itself of it being the home to countless poors, India is yet to cut to the top 10.

India’s neighbor China, with whom India often tries to compete, is way up on the list. Number of Millionaire households in China is almost six times that in India. In 2010, the number of millionaire households in China was 11.1 lakh. Compared to India’s 21.6 percent, China’s assets under management grew 29 per cent in 2010.

China ranked third in the Top ten List. The countries getting the top two spots were United States and Japan.

Courtesy, the region’s vibrant economies, the private wealth grew at more than double the global average in Asia-Pacific (ex-Japan).

The report is upbeat about both India and China over the next five years.

The report estimates that China alone will account for 19 per cent of the overall increase in the assets under management (AUM) during 2010-15, while India would account for over 8 percent. --------

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