India has 2.3 Lakh Millionaires: Report

According to the Asia Pacific 2016 Wealth Report, by New World Wealth, India ranked among the top five Asia Pacific countries in terms of number of HNWIs. HNWIs were defined as those with net assets of $1 million or more.

India is home to the fourth largest population of millionaires in the Asia Pacific region, with 2.36 lakh high net worth individuals (HNWIs), while Japan topped the list with 12.60 lakh people.

At the end of 2015, there were 12,60,000 millionaires in Japan, while China ranked second with 654,000 HNWIs, and Australia was at the third place with 290,000.

Others in the top 10 in terms of number of HNWIs in Asia Pacific include Singapore at the fifth place with 224,000 millionaires, Hong Kong (6th, 215,000), South Korea (7th, 125,000), Taiwan (8th, 98,200), New Zealand (9th, 89,000), and Indonesia (10th, 48,500).

India is among the top five Asia Pacific countries in terms of total private wealth held, but at the bottom in terms of per capita income.

India’s total individual wealth stood at $4,365 billion, while China, which topped the list, had a total individual wealth of $17,254 billion.

Total individual wealth refers to the private wealth held by all the individuals in each country, including property, cash, equities and business interests.

On per capita basis, India was last among the bottom three, as the average wealth per person stood at $3,500, while that of Australia, which topped the ranking, stood at $204,400.

Australians are the wealthiest individuals in Asia Pacific with $204,000 in wealth per person, while people in Pakistan are the poorest with $1,600 per person.