{"id":49062,"date":"2016-02-16T00:51:00","date_gmt":"2016-02-15T23:51:00","guid":{"rendered":"http:\/\/beta.next-finance.net\/news\/indias-millionaires-set-to-grow-at-34-by-2020\/"},"modified":"2019-12-31T00:29:24","modified_gmt":"2019-12-30T23:29:24","slug":"indias-millionaires-set-to-grow-at-34-by-2020","status":"publish","type":"post","link":"http:\/\/beta.next-finance.net\/en\/news\/indias-millionaires-set-to-grow-at-34-by-2020\/","title":{"rendered":"India\u2019s millionaires set to grow at 34% by 2020"},"content":{"rendered":"<p><quote>Key highlights:<\/p>\n<ul>\n<li> The number of Indian millionaires (or HNWIs) is forecast to grow by 34%, to reach 371,150 by 2020, while HNWI wealth is projected to grow by 53.1% to reach US$2.1 trillion<\/li>\n<\/ul>\n<ul>\n<li> However, India\u2019s wealthy are recovering from recent economic turmoil &#8211; their number grew at only 4.4% last year following a 1.1% decline from 2013-2014<\/li>\n<\/ul>\n<ul>\n<li> The collective wealth of India\u2019s HNWI population is US$2.1 trillion, an average wealth of US$4.9 million each. That\u2019s US$1.3 million higher than the average wealth of a Chinese millionaire<\/li>\n<\/ul>\n<ul>\n<li> Mumbai dominates as India\u2019s wealth hub &#8211; it is home to 97,912 HNWIs, that\u2019s 37.4% of all India\u2019s HNWIs, making it the 10th richest city in Asia<\/quote><\/li>\n<\/ul>\n<p>The number of millionaires being created in India is set to grow at an unpresented 34% in the five years to 2020, finds new research from WealthInsight. The increase comes at a time of turmoil in most emerging markets and concerns over inequality.<\/p>\n<p>Much of India\u2019s growth will be derived from the technology sector, which currently accounts for 15.1% of all HNWI wealth, having grown by 18.1% over the last five years. On a global scale, this percentage of HNWIs earning their wealth through tech is second only to the US and Israel.<\/p>\n<p>This rapid growth in wealth is as much down to rampart entrepreneurism as it is a surging economy, explains Oliver Williams, Head of WealthInsight:<em> \u201cThe number of millionaire entrepreneurs is on the increase in India, having grown by nearly 7% in the past year. Much of this has been driven by the tech sector; small businesses that have surged in a number of \u2018silicon spots\u2019 throughout the country.\u201d<\/em><\/p>\n<p>\u201c<em>The tech sector has in turn thrived on angel investments \u2013 proof that many of India\u2019s HNWIs and Non-Resident Indians (NRIs) are putting money back into the economy. The technology space is attaching 51% of all angel and<br \/>\nventure investments made in India,<\/em>\u201d says Williams.<\/p>\n<p>This is despite a trend in developed markets such as the US that have seen a curbing in the ranks of tech HNWIs.<\/p>\n<p><a href=\"http:\/\/www.next-finance.net\/http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_vs_global_hnwis.png\"><img loading=\"lazy\" class=\" aligncenter size-full wp-image-49058\" src=\"IMG\/png\/indian_vs_global_hnwis.png\" alt=\"indian_vs_global_hnwis.png\" align=\"center\" width=\"920\" height=\"506\" \/><\/a><\/p>\n<p><strong>Mumbai dominates as India\u2019s wealth hub<\/strong><\/p>\n<ul>\n<li> Mumbai is home to 97,912 HNWIs, that\u2019s 37.4% of all India\u2019s HNWIs, making it the 10th richest city in Asia<\/li>\n<\/ul>\n<ul>\n<li> Mumbai is also the fastest growing city for HNWIs since 2010 (16.2%), closely followed by Chennai (15.6%) and Hyderabad (14.5%). In the next five years, Mumbai will continue to be India\u2019s fastest growing city for HNWIs, with an expected increase of 31.2%<\/li>\n<\/ul>\n<ul>\n<li> Delhi, India\u2019s capital is second only to Mumbai in millionaire numbers: it is home to 24,918, 12.3% of India\u2019s HNWI population<\/li>\n<\/ul>\n<p>\u201c<em>Like most emerging countries, the concentration of India\u2019s wealth lies in its cities,<\/em>\u201d says Williams. \u201cHowever, cities with thriving technology and financial markets have seen, and will continue to witness, the highest<br \/>\ngrowth of wealthy individuals.<\/p>\n<p>\u201c<em>By 2020, Mumbai will become one of Asia\u2019s major wealth hubs as its millionaire population swells to 142,000. However, confined inequality could pose a serious issue to this status as India\u2019s mass urbanisation is<br \/>\nbuttressed by surging wealth<\/em>.\u201d <\/p>\n<p><a href=\"http:\/\/www.next-finance.net\/IMG\/png\/indian_vs_global_hnwis.png\"><img loading=\"lazy\" class=\" aligncenter size-full wp-image-49060\" src=\"http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_hnwis_-_city.png\" alt=\"indian_hnwis_-_city.png\" align=\"center\" width=\"709\" height=\"532\" srcset=\"http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_hnwis_-_city.png 709w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_hnwis_-_city-300x225.png 300w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_hnwis_-_city-74x55.png 74w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_hnwis_-_city-111x83.png 111w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_hnwis_-_city-215x161.png 215w\" sizes=\"(max-width: 709px) 100vw, 709px\" \/><\/a><div id='gallery-1' class='gallery galleryid-49062 gallery-columns-3 gallery-size-herald-lay-c1'><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a class=\"herald-popup\" href='http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_vs_global_hnwis.png'><img width=\"470\" height=\"313\" src=\"http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_vs_global_hnwis-470x313.png\" class=\"attachment-herald-lay-c1 size-herald-lay-c1\" alt=\"\" loading=\"lazy\" srcset=\"http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_vs_global_hnwis-470x313.png 470w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_vs_global_hnwis-300x200.png 300w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_vs_global_hnwis-414x276.png 414w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_vs_global_hnwis-640x426.png 640w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_vs_global_hnwis-130x86.png 130w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_vs_global_hnwis-187x124.png 187w\" sizes=\"(max-width: 470px) 100vw, 470px\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a class=\"herald-popup\" href='http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_hnwis_-_city.png'><img width=\"470\" height=\"313\" src=\"http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_hnwis_-_city-470x313.png\" class=\"attachment-herald-lay-c1 size-herald-lay-c1\" alt=\"\" loading=\"lazy\" srcset=\"http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_hnwis_-_city-470x313.png 470w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_hnwis_-_city-300x200.png 300w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_hnwis_-_city-414x276.png 414w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_hnwis_-_city-640x426.png 640w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_hnwis_-_city-130x86.png 130w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2016\/02\/indian_hnwis_-_city-187x124.png 187w\" sizes=\"(max-width: 470px) 100vw, 470px\" \/><\/a>\n\t\t\t<\/div><\/figure>\n\t\t<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>A new study from WealthInsight forecasts India\u2019s millionaire population to grow at 34% by 2020 compared to a growth of 4.4% in 2014 \u2013 the increase coming at a time of turmoil in most emerging markets and rising concerns over inequality.<\/p>\n","protected":false},"author":20,"featured_media":49058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1470],"tags":[1656,2045,1436,1437],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/49062"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=49062"}],"version-history":[{"count":1,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/49062\/revisions"}],"predecessor-version":[{"id":49063,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/49062\/revisions\/49063"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/49058"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=49062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=49062"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=49062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}