India had 175,000 millionaire households in 2013, ranking 15th in the world, according to a wealth report which said the total number of millionaire households in the world rose to 16.3 million last year.
The Boston Consulting Group’s 14th annual report on the global wealth-management industry ‘Riding a Wave of Growth: Global Wealth 2014’ said global private financial wealth grew by 14.6% in 2013 to reach $152 trillion.
The rise was stronger than in 2012, when global wealth grew by 8.7%. The key drivers, for the second consecutive year, were the performance of equity markets.
India’s position improved slightly from 2012 when it had ranked 16th in the world.
India is projected to become the seventh wealthiest nation by 2018. The number of ultra-high-net-worth (UHNW) households in India, those with $100 million or more, stood at 284 last year.
The total number of millionaire households reached 16.3 million in 2013, from 13.7 million in 2012, representing 1.1% of total households.
The US had the highest number of millionaire households at 7.1 million, as well as the highest number of new millionaires at 1.1 million.
A key driver in the rise of private wealth has been strong GDP growth over the past five years, especially in China, India, and Indonesia, the report said.
Robust wealth creation in China was reflected by its rise in millionaire households from 1.5 million in 2012 to 2.4 million in 2013, surpassing Japan, where the number of fell from 1.5 million to 1.2 million, driven by the 15% fall in the yen against the dollar.