Rich Becoming Richer: 48 pc of India’s Wealth Held by High-net-worth Individuals
The report considers wealth to be a far better measure of the health of an economy than GDP, the reason being that a large portion of GDP flows to government in certain countries, and therefore has little impact on private wealth creation.
India has witnessed highest growth in wealth held by individuals, among top ten wealthiest nations in the world, according to AfrAsia Bank’s Global Wealth Migration Review.
Wealth held by the country rose 25 per cent, from $6584 billion in 2016 to $ 8230 billion in 2017, higher than China, Australia and the US. By 2027, India’s wealth is expected to grow to $24,691 billion, a growth of 200 per cent—again the highest in the group.