New Delhi (The Hawk): India ranks third in the first-ever global survey on the rise of centi-millionaires – those with assets of more than Rs 830 crore ($100 million) — despite having high levels of poverty, inflation, and hunger.
India boasts 1,132 of the 25,490 centi-millionaires in the globe, outpacing Switzerland, the UK, and Russia in a rapidly expanding and powerful class of ultra-wealthy IT titans, financiers, multinational CEOs, and heirs.
With an expected 80% growth rate in people worth over $100 million by 2032, India will surpass China (number 2) as the fastest growing market for millionaires, according to a report published by worldwide investment migration advisory firm Henley & Partners.
"Over the next ten years, the percentage of centi-millionaires in Asia will increase by about 57%, which is twice as fast as in Europe and the US. The centi-millionaires, who are mainly concentrated in China and India, are expected to surpass their counterparts in Europe and America, according to financial journalist and author Misha Glenny.
Despite making up only 4% of the world's population, the United States, which comes in first place, is home to 38% (9,730) of the 25,490 centi-millionaires in the globe.
Large growing markets China and India, with 2,021 and 1,132 centi-millionaires, respectively, are in second and third place, closely behind it.
With 968 centimillionaires, the UK is in fourth place, closely followed by Germany in fifth (with 966).
The remaining top 10 nations for centi-millionaires are Switzerland (808), Japan (765), Canada (541), Australia (463), and lastly Russia (435).
According to the report, the threshold for being deemed "super affluent" in the late 1990s was $30 million. However, since then, asset prices have increased dramatically, making $100 million the new standard.
Furthermore, it claims that over the previous 20 years, the number of centi-millionaires has doubled and that "the current Covid pandemic and the economically and socially disruptive consequences of technology have drastically accelerated their capital accumulation."
Baby Boomers, those born between 1946 and 1964, continue to predominate the centi-millionaire circle despite the fact that an increasing number of younger entrepreneurs who built successful digital companies are newbies to the club.
(Inputs from Agencies)