India Ranks 5th in Wealth Report 2013 with 122 Billionaires but unfortunately has third of the World’s poor.
The Wealth Report provides the definitive global perspective on prime property and wealth. It includes a guide to the performance of the world’s key luxury residential markets and HNWI growth forecasts over the next decade for over 80 countries and cities.
According to Knight Frank's Wealth Report 2013, India stands in the fifth spot - following US, China, Germany and UK - in the list of top 10 nations with highest High Net-Worth Individuals (HNWI). A high-net-worth individual is a person with a high net worth. India has 122 billionaires. Mukesh Ambani is the richest man in India with Net worth of 22.3 billion dollars, source of wealth being petrochemicals, oil and gas.
The report states that India's High Net-Worth Individuals (HNWI) with assets of 150 crore or more is estimated to increase to 225 billionaires in the coming decade, which would place India along with China and Japan with highest HNWIs in Asia.
Mumbai has been ranked seventh and Delhi 11th amongst 30 globally rich cities with 2105 and 1945 HNWIs respectively. By the year 2022, Mumbai is expected to have 4988 HNWIs with a growth of 137 percent and Delhi 4278 with a growth of 120 percent.
On the whole, Asian countries will witness 88 percent increase in the HNWIs. The rise of the Asian countries is in parallel to many developed countries and they termed it to be 'The Asian Century'. With the historic shift in economic power towards Asia, its cities are undoubtedly going to become more influential in the coming years. The tremendous economic growths of these countries are mainly due to their exports. International business contributes lot towards the developing countries. But in contrary poverty in India is widespread, with the nation estimated to have a third of the world's poor. In 2010, the World Bank reported that 32.7% of the total Indian population falls below the international poverty line of US$1.25 per day (PPP) while 68.7% live on less than US$ 2 per day. India stands 86th in having population below poverty line. The biggest enemy of health and wealth in the developing world is poverty. Though India’s economy is growing the wealth distribution is uneven, ¼ of the nation's population earns less than the government-specified $0.40/day due to unemployment and underemployment and high population growth rate. In this case the rich becomes richer and the poor becomes poorer. The Government’s role in taking steps to control wealth being concentrated in fewer hands should be more active.
The Wealth Report provides the definitive global perspective on prime property and wealth. It includes a guide to the performance of the world’s key luxury residential markets and HNWI growth forecasts over the next decade for over 80 countries and cities.
According to Knight Frank's Wealth Report 2013, India stands in the fifth spot - following US, China, Germany and UK - in the list of top 10 nations with highest High Net-Worth Individuals (HNWI). A high-net-worth individual is a person with a high net worth. India has 122 billionaires. Mukesh Ambani is the richest man in India with Net worth of 22.3 billion dollars, source of wealth being petrochemicals, oil and gas.
The report states that India's High Net-Worth Individuals (HNWI) with assets of 150 crore or more is estimated to increase to 225 billionaires in the coming decade, which would place India along with China and Japan with highest HNWIs in Asia.
Mumbai has been ranked seventh and Delhi 11th amongst 30 globally rich cities with 2105 and 1945 HNWIs respectively. By the year 2022, Mumbai is expected to have 4988 HNWIs with a growth of 137 percent and Delhi 4278 with a growth of 120 percent.
On the whole, Asian countries will witness 88 percent increase in the HNWIs. The rise of the Asian countries is in parallel to many developed countries and they termed it to be 'The Asian Century'. With the historic shift in economic power towards Asia, its cities are undoubtedly going to become more influential in the coming years. The tremendous economic growths of these countries are mainly due to their exports. International business contributes lot towards the developing countries. But in contrary poverty in India is widespread, with the nation estimated to have a third of the world's poor. In 2010, the World Bank reported that 32.7% of the total Indian population falls below the international poverty line of US$1.25 per day (PPP) while 68.7% live on less than US$ 2 per day. India stands 86th in having population below poverty line. The biggest enemy of health and wealth in the developing world is poverty. Though India’s economy is growing the wealth distribution is uneven, ¼ of the nation's population earns less than the government-specified $0.40/day due to unemployment and underemployment and high population growth rate. In this case the rich becomes richer and the poor becomes poorer. The Government’s role in taking steps to control wealth being concentrated in fewer hands should be more active.
Article By
R. Sadhan Kumar
Ist MIB
Ist MIB
PSGCAS
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