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Date [ 2016-03-23, 06:59 ]

Mukesh_Ambani, currently India's richest man,(Cr)Wik

(Kuala Lumpur=Koreanpress) AzmiAnuar = Thenumber of Indian millionaires or high Net Worth Individuals(HNWIs) is forecast to grow by 34%, to reach 371,150 by 2020. Their combined wealth is projected to grow by 53.1% to reach US$2.1 trillion.

However, India’s wealthy are recovering from recent economic turmoil. As a result, their number grew at only 4.4% last year following a 1.1% decline from 2013-2014.

The collective wealth of India’s HNWI population is US$2.1 trillion, an average wealth of $4.9 million each. That’s $1.3 million higher than the average wealth of a Chinese millionaire.

The number of millionaires being created in India is set to grow at an unprecedented 34% in the five years to 2020. This is the result of new research from WealthInsight. The increase comes at a time of turmoil in most emerging markets and concerns over inequality.

Much of India’s growth will be derived from the technology sector, which currently accounts for 15.1% of all HNWI wealth, having grown by 18.1% over the last five years. On a global scale, this percentage of HNWIs earning their wealth through technology is only behind the US and Israel.

This rapid growth in wealth is as much down to rampart entrepreneurism as it is to a surging economy, explained Oliver Williams, Head of WealthInsight: “The number of millionaire entrepreneurs is on the increase in India, having grown by nearly 7% in the past year. Much of this has been driven by the tech sector; small businesses that have surged in a number of ‘silicon spots’ throughout the country.”

“The tech sector has in turn thrived on angel investments – proof that many of India’s HNWIs and Non-Resident Indians (NRIs) are putting money back into the economy. The technology space is attaching 51% of all angel and venture investments made in India,” said Williams.

This is despite a trend in developed markets such as the US that have seen a curbing in the ranks of tech HNWIs. India is set to go the other way and develop more millionaires for herself in the process.

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