India now has 218,600 millionaires

Country is fourth largest producer of millionaires in Asia-Pacific region

Dubai: India remains one of the biggest producers of super-wealthy residents in Asia, with the number of high-net-worth individuals (HNWIs) in the country now reaching more than 218,000, according to the latest data.

The new 2017 Asia-Pacific Wealth Report by Capgemini, out on Tuesday, showed that India’s HNWI population hit 218,600 this year, the fourth highest in the world and up by 9.5 per cent in 2016. The ultra-wealthy’s combined fortunes jumped by 10 per cent to $877 billion.

Indian nationals aren’t just dominating the millionaire space in Asia Pacific, they’ve built a name for themselves within the region as well. According to Forbes’ report this year, at least two expatriates in the UAE who are from India, including Yusuf Ali M.A., the owner of the ubiquitous LuLu Hypermarket, are among the richest self-made billionaires in the Gulf Cooperation Council (GCC) region.

High-net-worth individuals refer to people with investable assets of $1 million (Dh3.6 million) or more, excluding the house they’re living in, collectibles, consumables and consumer durables.

11 countries with most number of millionaires in Asia Pacific:

1.Japan 2.9 million ($7 trillion)
2.China 1.1 million ($5.8 trillion)
3.Australia: 254,700 ($802 billion)
4.India: 218,600 ($877 billion)
5.South Korea: 207,600 ($573 billion)
6.Hong Kong: 148,200 ($769 billion)
7.Singapore: 109,800 (562 billion)
8.Thailand: 107,800 (548 billion)
9.Malaysia: 66,400 (438 billion)
10.Indonesia: 54,400 ($184 billion)
11.Taiwan: 142,400 ($464 billion)

The country’s HNWI population accounted for 2.9 million people, about 6.3 per cent bigger than last year, with a whopping $7 trillion in wealth.

The total number of super-rich people in at least 11 countries in the Asia-Pacific region, including China, Japan, India, Thailand, Hong Kong, South Korea, Taiwan, Singapore, Indonesia, Malaysia and Australia, has now reached more than 5.3 million, and the numbers are only expected to rise over the next few years

Millionaires from these countries as well as New Zealand, Kazakhstan, Myanmar, Pakistan, Philippines, Sri Lanka and Vietnam, are projected to produce $40 trillion in wealth by 2025.

The Capgemini report focuses on 18 countries and territories in the Asia Pacific.