The last 15 years have been a great time to get rich in India.
India’s population of high net worth individuals (HNI)—those with net assets exceeding $1 million (excluding primary residences)—grew by a staggering 490% between 2000 and 2015, according to an Asia-Pacific report by South African research firm New World Wealth.
Although the country’s HNI population has expanded from a measly 40,000 in 2000 to over a quarter of a million currently, the number of super rich in India isn’t a patch on the big guns in the region.
In China, for instance, the number of super-rich grew 510% during the last decade-and-a-half, and the country’s HNIs population now stands at 654,000, nearly three times as much as India’s.
Overall, by the end of 2015, there were 13 million HNIs in the world, with a total wealth of $67 trillion, according to the report. Of this, about 3.5 million HNIs reside in the Asia-Pacific region, with combined wealth holdings of $17.7 trillion. Here’s the breakdown:
Over the next decade, the report estimates, India’s population of HNIs will further grow by 105% to about 4,83,800 by 2025.
And some of this will be driven by the tech and startup boom in India’s smaller cities.
Nonetheless, Mumbai and Delhi—the traditional homes of India’s super rich—continue to hold sway. By 2025, the report reckons, the number of HNIs in these two cities will double to 84,500 and 42,600 respectively.