Spectacular growth in the number of Indian millionaires

India’s HNWI population (individuals worth at least US$100,000)  grew to 248,000 last year, according to a report this week by WealthInsight, a company which tracks the world’s rich. That is up from 193,000 millionaires in 2009, the report said.

India’s super-rich clan is expected to increase further,  growing by more than 100,000 to 358,000 people in 2018, WealthInsight said. Of those around 80 will be dollar billionaires, up from around 60 billionaires today.

India’s high net worth individuals control close to 65% of India’s US$1.3 trillion in individual wealth. That is much higher the rest of the world where the richest control only around 30% of total individual wealth.

India’s new prime minister Narendra Modi could help the country create even more millionaires and billionaires, the WealthInsight report said.

“Modi is expected to revolutionize India by providing greater job prospects, opportunities for economic growth and better infrastructure,” Tom Carlisle, analyst at WealthInsight said in the report.

Michael Kors store Kolkata, India