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India’s millionaires to increase by 53% to 84,000 by 2017

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New York: The number of global millionaires will increase by about 18 million reaching 46 million by 2017, with a substantial increase of 53 percent in the number in India touching 84,000 millionaires, over the five-year period.

The US will remain on top    of the wealth league with $89 trillion by 2017, with 16.9 million millionaires, and Europe with 15.4 million, according to Credit Suisse Global  Wealth Report released on October 10. China may see its   number doubling by 2017, raising the total to almost two  million.

At present, India has 237,000 members of the top 1 percent of global wealth holders, which equates to a 0.5 percent share worldwide. There are 1,500 UHNW (ultra high net worth) individuals with wealth over $50 million, and 700 with more than $100 million worth of assets.

India’s extreme wealth inequality and immense population means that it also has a significant number of members in the top wealth echelons. The self-made billionaire percentage for the Asia-Pacific region, which (excluding China), has an overall figure of 58 percent, while India and Indonesia, at 42 percent and 53 percent respectively, are on the low side.

Interestingly, 95 percent of individuals in India have less than $10,000, whereas this percentage is only 60 percent in China.