According to the Asia Pacific Wealth Report 2017, released by the Paris-headquartered Capgemini, India is making a noteworthy entry to the world’s richest list by scoring the fourth spot in the APAC region
India’s tally of High Net Worth Individuals, (each one having more than $1 million in the form of investible assets excluding apartment and collectable assets) grew from 84,000 in 2008 to 219,000 in 2016. However, wealthy Indians have assets scattered over the world rather than in the nation itself, notes the report. The focus on entrepreneurship is helping Asian firms to get a spot in the report.
“We project that Asia-Pacific will surpass $40 trillion in High Net Worth Individuals wealth by 2025 if Emerging Asia [China, India, Indonesia, and Thailand] capitalizes on its tremendous potential to grow at 12.9 percent annually – exceeding the 10.2 percent rate of 2016 – and if Mature Asia [Japan, Australia, New Zealand, Singapore, Hong Kong, Taiwan, Malaysia, and South Korea] grows at 6.4 percent or higher, which it accomplished in 2016 at 6.9 percent,” says Anirban Bose, Head of Global Banking and Capital Markets at Capgemini.
Dazeinfo reports that the millionaires in APAC, excluding Japan, were able to churn out a 33% return on investment during 2016. The factors that cause the growth of the trend include:
- Transparency
- Efficiency
- Innovation
What works for China is the increased focus on single child policy which has created a large number of eligible bachelors while the Indian diaspora struggles with its unemployment index.
