India will have 403,000 Millionaires by 2015

02 September 2011 - Which Way to Pay

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India will have 403,000 Millionaires by 2015

A report from Julius Baer released on Wednesday has stated that Asia will have an added 1.66 million dollar-millionaires by 2015. This would take the total number of wealthy to 2.82 million by 2015 which continues to prove China and India are amongst the world's fastest-growing major economies and minting millionaires.

In the Swiss wealth manager forecast, those individuals with $1 million or more in investable assets – and therefore referred to as high networth individuals (HNIs) – is expected to nearly triple to $15.8 trillion in the five years to 2015.

Nearly half of the millionaires in Asia are expected to be located to China alone representing a combined wealth of $8.8 trillion. In Baer’s report, the world's most populous nation is reported to have 502,000 million HNIs with investable assets totalling $2.6 trillion.

India will more than double the number of HNIs to 403,000 by 2015, while Indonesia would see the highest growth rate in the number of wealthy, up by a quarter to 99,000.

It is predicted by the wealth manager forecast that China and India will collectively contribute 40% of global growth in 2011 and 2012.

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