Money & Banking

Millionaire households in India growing

Our Bureau Mumbai | Updated on November 13, 2017


To rise 143% between 2011 and 2020, says Deloitte study

The number of millionaire households in India will grow from 2.86 lakh to 6.94 lakh between 2011 and 2020, a growth rate of 143 per cent, said a study by the Deloitte Center for Financial Services.

The growth in millionaire wealth in India is expected to vary across different wealth groups. The $5-30 million group in India is likely to see the biggest growth rate at 161 per cent, followed by the $1-5 million group at 142 per cent and the over $30 million group at 115 per cent.

The $1-5 million segment is likely to be largest, with 73 per cent of the millionaire households belonging to this group in 2020.

Over the next decade emerging markets will see a significantly higher growth rate in millionaire households compared to developed markets.

India is likely to experience the largest growth in total millionaire wealth (405 per cent). Among other BRIC nations, China's wealth among millionaires will grow by 394 per cent, followed by Brazil at 257 per cent and Russia at 241 per cent.

However, only 0.3 per cent of households in India would hold more than $1 million in wealth, in 2020, the study points out.

Wealth drivers

Among emerging markets, India is likely to have the highest per capita wealth among millionaires with $4.25 million — placing it ahead of the US.

While some of the wealth creation in India will be continue to be driven by “old wealth” drivers such as real estate, family business and so on, a sizeable portion is also expected to come from “new wealth” drivers like investment, salary income, equity stakes and new business, the study states.

Published on August 17, 2011

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