Nearly 28,000 Indian households crossed the threshold to become millionaires in 2011, according to the Global Wealth Report 2012 of the Boston Consulting Group (BCG). With 1.62 lakh millionaire households (1.34 lakh in 2010), India is still at 13th place in the global ranking.The
US still had the largest number of millionaire households (51.34 lakh),
followed by Japan (15.87 lakh) and China (14.32 lakh).
According to the report, the growth of global private wealth slowed
down to 1.9% in 2011. The increase was considerably weaker than in the
past two years. Global wealth grew by 9.6% in 2009 and 6.8% in 2010 but
the euro zone crisis and a near default on US government debt in 2011 led to a sharp decline in global markets and private wealth during the year.
Titled "The Battle to Regain Strength", the report says that global private wealth growth in 2011 was driven primarily by rapidly developing emerging economies. While the total private wealth increased by 18.5% in the BRIC countries in 2011, it declined by 0.9% in North America, 0.4% in Western Europe and 2% in Japan. In India, the number of millionaire households increased by 21%, from 1.34 lakh in 2010 to 1.62 lakh in 2011.
Millionaire households
Globally, more than 1.75 lakh households crossed over to the millionaire club in 2011, taking the total to 126 lakh. Here again, China and India provided the boost. In the US and Japan, the number of millionaire households decreased by 1.82 lakh.
The highest growth rate was in the $100 million-plus, ultra-high-net-worth (UHNW) segment, which saw its wealth rise by 3.6%-compared with average growth of 1.7% across all other segments. In 2011, only 278 Indian households figured in this hallowed segment, up from 241 in 2010. The US had the largest number of both UHNW and billionaire households in 2011 at 2,928 and 363, respectively.
The equation is likely to change in the coming years. The BCG estimates that by 2016, the Asia-Pacific region (ex Japan) will be the second wealthiest in the world after North America. Europe, which used to be the wealthiest region in the world but was overtaken by North America last year, will get pushed down to third place.
The report says China's number of millionaires should continue to grow strongly, driven by the large number of initial public offerings (IPOs) expected in the country as well as by new wealth generated mainly by entrepreneurs.
The report says that the highest density of millionaire households in 2011 was in Singapore-where more than 17% of all households have private wealth of $1 million or higher-followed by Qatar (14.3%), Kuwait (11.8%), and Switzerland (9.5%).
Relative to population size, Switzerland had the highest number of UHNW households, and Hong Kong was the leader in the number of billionaires-driven partly in both countries by the immigration of billionaire families.
Titled "The Battle to Regain Strength", the report says that global private wealth growth in 2011 was driven primarily by rapidly developing emerging economies. While the total private wealth increased by 18.5% in the BRIC countries in 2011, it declined by 0.9% in North America, 0.4% in Western Europe and 2% in Japan. In India, the number of millionaire households increased by 21%, from 1.34 lakh in 2010 to 1.62 lakh in 2011.
Millionaire households
Globally, more than 1.75 lakh households crossed over to the millionaire club in 2011, taking the total to 126 lakh. Here again, China and India provided the boost. In the US and Japan, the number of millionaire households decreased by 1.82 lakh.
The highest growth rate was in the $100 million-plus, ultra-high-net-worth (UHNW) segment, which saw its wealth rise by 3.6%-compared with average growth of 1.7% across all other segments. In 2011, only 278 Indian households figured in this hallowed segment, up from 241 in 2010. The US had the largest number of both UHNW and billionaire households in 2011 at 2,928 and 363, respectively.
The equation is likely to change in the coming years. The BCG estimates that by 2016, the Asia-Pacific region (ex Japan) will be the second wealthiest in the world after North America. Europe, which used to be the wealthiest region in the world but was overtaken by North America last year, will get pushed down to third place.
The report says China's number of millionaires should continue to grow strongly, driven by the large number of initial public offerings (IPOs) expected in the country as well as by new wealth generated mainly by entrepreneurs.
The report says that the highest density of millionaire households in 2011 was in Singapore-where more than 17% of all households have private wealth of $1 million or higher-followed by Qatar (14.3%), Kuwait (11.8%), and Switzerland (9.5%).
Relative to population size, Switzerland had the highest number of UHNW households, and Hong Kong was the leader in the number of billionaires-driven partly in both countries by the immigration of billionaire families.
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