The wealth of the super rich, or high networth individuals (HNIs), in India is projected to double in the next five years, according to a study.
The wealth held by HNIs in the country is forecast to reach $2.3 trillion (approximately Rs 1.5 lakh crore) by 2020, almost double the figure of $1.22 trillion (approximately Rs 79,000 crore) estimated for this year, according to Julius Baer report.
"From $949 billion in 2010, we project HNI wealth to touch $1.425 trillion in 2016, and further jump to $2.3 trillion by 2020. Wealth to nominal gross domestic product (GDP) ratio is seen rising from 55.5 per cent in 2010 to 64.1 per cent in 2020," the report said.
The super rich in the country are also expected to see their wealth grow faster than the wealth of their counterparts in China.
"If the HNI wealth grows as projected (by 94 per cent between 2015 and 2020) against 74 per cent for China, for a decade or more, the country can narrow the wealth and economic gaps with China," PTI reported, citing the report.
The report said the Indian HNIs wealth posted a slight decline in 2011 and saw a "marginal growth" in the following two years before stabilizing in 2015. But it is expected to go up in 2015 and the next year.
The HNIs in Asia are estimated to see 60% growth in their wealth to $14.5 trillion by 2020. Overall, Asian HNI wealth is expected to grow by 160% in the current decade.