India is ranked among the top 10 wealthiest countries in the world.
In India, the drop was fuelled by the rupee's depreciation from around 71 to 75 a dollar during the quarter.
On the other hand, Japan is considered to be the most equal country
Just 42,800 people in a country of 1.2 billion admit to earning taxable incomes of Rs 1 crore (Rs 10 million) or more, though India is fast emerging as a top performer in churning out millionaires and multimillionaires.
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here are around 495,000 multi-millionaires worldwide (as on June 2014).
India's financial hub boasts of total wealth worth $820 billion
India was the best performing wealth market globally in 2017 as its total wealth swelled from $6,584 billion in 2016 to $8,230 billion in 2017
India has been ranked seventh in the list of top 10 wealthiest countries in the world, which was topped by the United States.
This compares poorly to other developed markets as the average wealth of a person in Australia has increased by over 100 per cent and in Canada by over 50 per cent in the same period.
While Delhi, home to 22,000 millionaires and 18 billionaires, has a total wealth of USD 450 billion (Rs 30,15,000 crores), Bengaluru boasts of a total wealth of USD 320 billion (Rs 21,44,000 crores). The city is home to 7,500 millionaires and eight billionaires.
The report however noted that the migration of super rich from China and India is not a "concern".
Indian HNWIs move to the UAE, the UK, the US and Australia.
India is ranked 10 among the 20 wealthiest countries in the world in terms of private wealth held by individuals.
A well-developed banking system and stock market was also a factor as it encourages the people to invest their money.
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.
According to a report by New World Wealth, the bulk of London's second home buyers come from the rest of the UK and Europe and a substantial number also came from China, India, Russia and West Asia.
India is poorer than the world average and so naturally has a greater percentage of poor people and a lower percentage of rich people. Yet using absolute numbers, India has more of almost everything, which is misleading, says Debraj Ray and Maitreesh Ghatak.
Pune saw the fastest growth in terms of number of super-rich people.
Instead of being a facilitator, each political formation has only tried to be an ATM for freebies, feels Veena Sandhu
Tracking a smaller number of taxpayers with a high income base and using data from millionaire surveys and purchases of high-end cars and houses can make the tax department more efficient.
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