India is home to the fourth largest number of ultra-high-net-worth households that have more than $100 million in private wealth, according to a new report topped by the US.
The Boston Consulting Group's 'Global Wealth 2015: Winning the Growth Game' report said continued economic expansion of China and India was driving growth in wealth in the Asia- Pacific region.
The US remains the country with the largest number of ultra-high-net-worth (UHNW) households at 5,201, followed by China (1,037), the UK (1,019), India (928) and Germany (679) in 2014, it said.
India's UHNW households grew manifold from 2013 when the number stood at 284. The private wealth in the Asia-Pacific region expanded by a steep 29 per cent in 2014 to reach $47 trillion, enabling it to overtake Europe (Eastern and Western Europe combined) to become the world's second-wealthiest region, the report said.
With a projected $57 trillion in 2016, Asia-Pacific (excluding Japan) is expected to surpass North America (a projected $56 trillion) as the wealthiest region in the world and will be the largest pool for client acquisition.
"At such a pace, the region is expected to overtake North America as the world's richest region in 2016, with $57 trillion in private wealth," the report released on Monday said.
The region is also projected to hold 34 per cent of global wealth in 2019. With a projected annual growth rate of almost 10 per cent, private wealth in Asia-Pacific will rise to an estimated $75 trillion in 2019.
Growth in wealth in the Asia-Pacific region was driven heavily by the continued economic expansion of its two largest economies China and India, the report said.
Private wealth in China and India also showed solid market gains driven mainly by investments in local equities, it said. China's equity market rose by 38 per cent and India's by 23 per cent, it added.
