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India tops BRICS in 'super-rich' membership
Publication Date : 12-09-2013
Despite the current global economic gloom, India has recorded the largest increase in its Ultra-High Net Worth (UHNW) individuals club among the BRICS nations in the last one year, with a total of 7,850 super rich people in the country, a report says.
It says that the total net worth of these individuals at US$935 billion almost matches the sum of the country's gross domestic product (GDP) which stands at $1 trillion.
BRICS is a grouping of the world’s fastest growing developing economies, comprising Brazil, Russia, India, China and South Africa.
The World Ultra Wealth Report 2013 was conducted by Wealth-X, a global wealth intellidence and prospecting company.
The study focuses solely on persons with a net worth of $30 million and above (after accounting for shares in public and private companies, residential and investment properties, art collections, airplane ownership, cash and other assets).
India has also the highest number of female millionaires in the world, as the country boasts of over 1,250 UHNW women with a combined fortune of $95 billion.
"Despite India’s 1.6 per cent population growth, the country has added more UHNW individuals (120) than any other BRICS nations in the past 12 months," the Wealth—X report said.
Meanwhile, there was a decline in the number of billionaires (103 this year) over (109 last year). Billionaires also make up the weakest wealth-tier which did not see any increase in net worth in the past 12 months.
Last year the collective wealth of India’s billionaires stood at $190 billion, while this year saw a decline by 5.3 per cent to $180 billion.
In India, the lowest tier of the UHNW group represented by those worth between $30 million to $49 million is the largest group of the total UHNW population in the country, with a combined fortune of $130 billion.
A city-wide analysis shows that more than 90 per cent of India’s UHNW population live in the country's "top 10" cities including Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Chennai, Ahmedabad, Pune, Gurgaon and Jaipur.
Mumbai and Delhi, however, dominate with more than 50 per cent of the country’s UHNW population based in one of these two cities, the report said.