MSN: India”s 7,730 super rich collectively own USD 925 bn: Report
New Delhi, Sep 17 (PTI) India is home to as many as 7,730 ultra high net worth (UHNW) individuals whose combined wealth amounts to a whopping USD 925 billion, says a study.
According to the world ultra wealth report 2012-13, by Wealth X, a global wealth intelligence and prospecting company, India has 7,730 UHNW individuals, of which 109 are billionaires.
However, in the corresponding period last year there were as many as 8,215 with a total wealth of USD 980 billion.
The Wealth-X analysis shows there are 109 billionaires in the country and this group represents the top 1.4 per cent of the UHNW population, and controls 20.5 per cent of the total fortune attributable to the ultra wealthy segment.
On average, these billionaires are worth close to USD 1.7 billion each.
Meanwhile, the global UHNW population grew by a modest 0.6 per cent to 187,380 with a combined wealth of USD 25.8 trillion.
The combined wealth attributable to this segment, however, shrank by 1.8 per cent from a year ago largely driven by the Euro zone crisis and a slowdown in emerging economies, the report said.
Asia saw the largest percentage reduction in UHNW population amongst the regions (2.1 per cent) owing to poor equity performance, particularly in Japan, China and India, the report said.
The population and wealth growth of UHNW depends on the economy and its direction and clarity of government policies.
Since India”s GDP growth continue to moderate and the Indian equity markets, which have significant impact on the local UHNW population, declined by 8 per cent during the measuring period and the Indian Rupee declined by 25 per cent affecting the UHNW population and their wealth.
In India, the lowest tier of the UHNW group represented by those worth USD 30 million to USD 49 million is the largest group, making up 45.7 per cent of the total UHNW population in India. They have a combined fortune of USD 125 billion, or 13.5 per cent, of the total wealth of the India”s ultra affluent.
The study focuses solely on persons with a net worth of USD 30 million and above (after accounting for shares in public and private companies, residential and investment properties, art collections, planes, cash and other assets).
The Wealth X study further said there are 5,775 Indians having wealth between USD 30 million and USD 100 million, and nearly 845 have wealth between USD 100 million and USD 200 million.
Between USD 200 million and USD 500 million, there are 855 Indians, while in the range of USD 500 million to USD 999 million, there are 150 Indians, the study said.
The report further said the NRI population in Asia was adversely affected by the poor performance of equity markets and weakness in the financial services sector.