COIMBATORE, JUNE 16
The ultra-rich are getting richer at a faster pace in the country + . At 18 per cent, persons with a wealth of more than $1 billion saw the highest growth in their fortunes during between 2016 and 2017, according to Boston Consulting Group’s (BCG) ‘Global Wealth Report 2018’.
In all, around 50 persons, who have a fortune of more than $1 billion had a 16 per cent share in total wealth in India at the end of 2017. This was much higher than the share billionaires have at the global level as well as in the Asia Pacific (excluding Japan) region. While billionaires accounted for only 7 per cent of the wealth globally, they controlled 9 per cent of the wealth in Asia Pacific (excluding Japan) Persons with a fortune of $100 million-$1 billion saw their wealth increase by 17 per cent during the year. The year 2017 saw one of the strongest growth in total personal wealth around the globe, with India seeing a 15 per cent rise compared to last year. Total personal wealth in India is expected to register a CAGR (compounded annual growth rate) of 13 per cent between 2017 and 2022 to reach around $5 trillion in 2022 from about $3 trillion in 2017. In comparison, globally, total personal wealth is expected to record a CAGR of 7 per cent to reach $281 trillion.
