LONDON: India has seen a whopping 211% increase in its wealth over the last 15 years — much higher than the US, UK, Japan, France, Germany or Brazil.
Only four other countries — Indonesia, China, Russia and Australia — have done better than India. Indonesia’s wealth increased by 362% while China saw an increase of 341%, Russia 253% and Australia 248%.
Some of the major western countries have seen a marginal increase in their wealth over the last decade and a half. While Japan saw its wealth increase by a modest 39%, it was 41% for the US and 58% for the UK.
In India, wealth per capita increased from $900 in 2000 to $2,800 in 2015. India is now the 10th richest country in the world, ranked according to total individual wealth. “Total individual wealth” refers to the private wealth held by all the individuals in each country. The downside, however, is India and Indonesia make it to the top 20 richest list due to their large populations. On a per capita basis, the two countries are quite poor.
When ranked according to per capita wealth, India ranks last in the top 20 countries. According to the New World Wealth’s report on the wealthiest 20 countries in the world, when looking at per capita wealth, Switzerland topped the charts with $285,100 per capita wealth followed by Australia ($204400), US ($150600) and UK ($147600).
New World Wealth had earlier revealed that Pune was India’s fastest growing city with multi-millionaires and seven of the 20 fastest growing cities for the super-rich in Asia Pacific were from India.
Pune saw a whopping 317% growth in the number of multi-millionaires between 2004 and 2014 — the numbers increasing from 60 to 250. Overall, Pune is ranked third fastest growing city for the super-rich in the Asia Pacific region after Ho Chi Minh City in Vietnam, which saw a 400% growth (from 40 to 200), and Jakarta, which recorded a 396% increase (from 280 to 1390) multimillionaires.
Mumbai was ranked fourth fastest city with a 220% increase — 840 multi-millionaires in 2004 increasing to 2690 in the next 10 years. Hyderabad took the fifth rank with 510 multi-millionaires at present (a 219% increase in the last decade).
Delhi which is home to 1,350 multi-millionaires in 2014 as against 430 in 2004 — recorded an increase by 214%.