According to the 2017 Asia-Pacific Wealth Report (APWR) released on Tuesday by Capgemini, India has 4th largest population of millionaires in the Asia Pacific region with 2,19,000 ultra-rich individuals with a combined wealth of $877 billion.
Indian millionaires contribute 4 per cent of the market share of the high net worth individuals (HNWIs).
At the end of 2016, there were 28,91,000 millionaires in Japan, while China ranked second with 11,29,000 HNWIs and Australia was at the third place had 2,55,000.
"This was ahead of China and Japan which registered a growth of 9.1 per cent and 6.3 per cent, respectively, for the same period," the report noted.
India's population of millionaires witnessed a double-digit growth of 10 per cent for the period 2015-2016, as compared to the annual average growth of 8.2 per cent.
"After a sedate HNI wealth expansion of 1.6 per cent in 2015, India posted double digit HNI wealth growth of 10 per cent in 2016. This jump was propelled mainly by a rebound in its equity markets and real estate," the report said.
The report added that "more good news may be on the horizon with improved GDP forecasts for 2017 and 2018 expected to drive further economic growth."
The report further noted that while "in India, investor sentiment has remained cautiously confident in the wake of the election of the reformist Prime Minister Narendra Modi, the unannounced demonetisation initiative challenges in dealing with significant issues such as unemployment, and the ongoing use of retrospective tax grabs on foreign multi-nationals may have caused some trepidation".
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