India to emerge 11th wealthiest country in the world

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According to the report titled “The Global Wealth 2018” by Boston Consulting Group India is all set to emerge as the 11th wealthiest country in the world as its personal financial wealth is projected to grow by 13% to $5 trillion by 2022 from the current $3 trillion. It will improve its rank leaving behind Switzerland, Hong Kong, the Netherlands and Taiwan. India has grown at a Compounded Annual Growth Rate of 12% since 2012, and it is the only country, apart from China, to have a double digit CAGR for personal wealth.

Presently, the US ranks at first position with an $80 trillion of personal financial wealth as on 2017, which is estimated to grow to $100 trillion by 2022. Besides, China has taken the second spot with a total personal wealth of $21 trillion, which is expected to more than double to $43 trillion by 2022. India is also the fifth Asian market in the number of affluent, high net-worth, and ultra high net-worth individuals.  It has 322,000 people in affluent category – those with wealth up to $1 million, 87,000 people in high net-worth – those between $1 million to $20 million of personal wealth; and 4,000 in ultra high net-worth, people with personal wealth above $20 million.

Author bio: IE&M

Indian Economy & Market is an Indian media and information platform producing data-backed news and analysis on all the vital elements at the intersection of the economy, stock markets, mutual fund, insurance, commodities, currency, technology, startups and business.

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