India Is 6th Wealthiest Country In World: Report
India is the sixth wealthiest country in the world, with private wealth touching $8,148 billion in 2018, shows the Global Wealth Migration Review, 2019. While listing India among the fastest growing wealth markets, the report also says strong growth in Asia would help private wealth in the world grow 43 per cent in the coming decade.
The review estimates private wealth in the world at $204 trillion in 2018. With $60,607 billion private wealth, the US is the wealthiest nation is the world. Following the US in the list are China, Japan, the United Kingdom and Germany.
From $4,157 billion to $8,148 billion now, India’s private wealth grew 96 per cent in a decade. At 180 per cent by 2028, the country is predicted to clock much higher growth in the coming decade.
A large number of entrepreneurs, good educational system and the English speaking crowd will help the country to grow in the times to come, says the report.
Currently, there are 327,100 multi-millionaires in India, which is positioned at the ninth spot in this category. The country is also home to 118 billionaires, the third highest in this regard.
While pointing out that India is seeing greater outflow of HNWIs, the report says that several wealthy people will move back here as standard of living here improves. Even otherwise, the outflow of HNWI is not a matter of “particular concern” since India manages to produce far more wealthy people than it loses, says the report.
India’s financial capital Mumbai has been listed as the 12th wealthiest city in the world, with an estimated private wealth of $941 billion. New York ($2.9 trillion), Tokyo ($2.5 trillion) and London ($2.4 trillion) occupy the first, second and third position in the list.
The review lists Delhi, Bengaluru and Hyderabad, among the top cities that are likely to witness tremendous growth in the coming decade.
The growth driver for Delhi would be its “well-diversified economy” while Bengaluru would expand because of its “many industries”. Growth in India’s pharmaceutical capital Hyderabad would be driven by the many special economic zones that are being developed here, indicates the report.
The world at large
Hotel residences: This was earlier a trend seen only among New York’s wealthy people. The rich in othermajor cities have taken to this habit. Such residences allow owners to live in hotels permanently where they have access to the best facilities in the world.
Mandarin Oriental Residences, The Plaza, St Regis Residences, Four Seasons Private Residences Seychelles, Ten Trinity Square, Baccarat Residences and Palazzo Tornabuoni are some of the biggest service providers in this area.
Game for game: The best-in-class facilities do not do it anymore; golf estates have to come along with it. Portugal, Spain, South Africa, the US, the UAE, New Zealand, Mauritius, Mexico and the UK are among the countries where a large number of homes with equestrian estates, parkland estates and wildlife estates are being built.
She-change: Stating that women safety has emerged as the key determiner of a country’s growth, the report ranks Australia as the safest city for the fairer sex. Malta Iceland and New Zealand are the other safest countries for women in that order.
“Notably, woman safety is one of the best ways to gauge a country’s long-term wealth growth potential, with a correlation of 92 per cent between historic wealth growth and woman safety levels. This means that wealth growth is boosted by strong levels of woman safety in a country,” it says.