India is likely to have 242K Millionaires By 2017

                                 In the next five years India is quite likely to experience a substantial jump in the total number of millionaires. The total tally of people, who will join the millionaire club in the country, is expected to touch 242K i.e. 242,000 by the year of 2017 only.

                                 According to a latest report, which has been conducted by a Credit Suisse Research Institute’s Global Wealth Report, the total number of millionaires in the country is likely to swell to 242,000 by 2017. In 2012 the total number of millionaires in India stands at 158,000. So by 2017 India is likely to record an increase growth of 53% in this very matter, which is quite surprising, as India is considered to be a third world country.

                                      The report also highlighted the main problem of India, which is the inequality of wealth across the country. Most of the people of India are still Below Poverty Line (BPL) mark. According to the report almost 95% people of India has wealth below $ 10,000 (Rs 5.40 lakh), while at the other side of the coin a very small percentage (only 0.3%) of the total population has a net worth over $ 100,000 (Rs 54 lakh).

                                        According to the report India still has big reason (poverty) to worry, as the government will have to deal with the poverty matter as soon as possible. The main problem is everyone has not shared in the growth income of the Indians. It is true that the wealth has been rising strongly in India, and the ranks of the middle class and the wealthy have been swelling for past few years, but these factors can’t be able to showcase as proper growth, as the rich persons are becoming richer and the poor persons are becoming poorer day by day.

                                         Credit Suisse added that India has 237,000 members of the top most 1% of global wealth holders. It has to be mentioned here that there are 1,500 Ultra High Nett worth (UHNW) individuals with total wealth over $ 50 million and 700 with total wealth of more than $ 100 million. In the period of 2012-2017, which is eventually the consideration period of the said report, the total number of millionaires worldwide is expected to increase by about 18 million. In 2012 the figure is 28 million, which will rise to 46 million by 2017 only.

                                           In spite of this growth rate the number of millionaires in emerging economies is still well below the level of United States of America (16.9 million) and Europe (15.4 million). It is likely that the numbers will increase substantially in the next few years. China could see its number double by 2017, which will make its total tally to almost two million. A good number of increase of millionaires in Brazil is also very much expected and it could add 270,000 more people to that club by 2017, the report concluded.