New Delhi: India and China are likely to treble the high net worth individuals’ (HNWIs) population and add $4 trillion to its wealth by 2018, leading its growth in the Asia-Pacific region, a report says.
According to the Asia-Pacific Wealth report released by Merrill Lynch Wealth Management and Capgemini, the combined wealth of Asia Pacific’s HNWIs is estimated to grow at 8.8% annually till 2018, which is faster than the global average of 7.1%.
“HNWI population in China and India is expected to triple over the 2008-2018 period. Both economies are likely to lead HNWI growth in the Asia Pacific underpinned by robust domestic consumption and growing number of affluent individuals...HNI wealth in China and India will rise by more than $4 trillion over the next ten years,” the report stated.
However, in 2008, Asia Pacific’s population of HNWI has fallen 14.2% to 2.4 million amid global economic downturn and market volatility, while its combined wealth dropped 22.3% to $7.4 trillion.
The report forecast that the growth in the region’s HNWI size and wealth is set to pick up as market conditions improve with the economies showing signs of recovery.
HNWI’s are individuals with net assets of at least $1 million, excluding their primary residence and consumables.