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Asia to have more billionaires in next decade: Report

Mukesh Ambani is India’s richest man. File pic
Mukesh Ambani is India’s richest man. File pic

In a good news for economy of Asian countries, Asia, according to a report, is projected to have more billionaires in next decade.

New Delhi, March 6/Nationalturk- Asia is projected to have more billionaires in next decade and world’s second largest populated country India will be home to the fourth highest number of billionaires in 2023.

The 2014 Wealth Report, an annual global perspective on prime property and wealth by property management firm Knight Frank, the number of Ultra High Networth Individuals (UHNWIs) in Asia is set to reach 58,588 by 2023, overtaking the total number in North America.

The Wealth Report is Knight Frank’s flagship research publication. It offers a unique and global perspective on the world of prime property and wealth.

No of billionaires in Asia will overtake Europe

The number of billionaires in Asia is also forecast to overtake the number in Europe over the next decade. “In 10 years’ time, there will be more billionaires in India than in the UK.  Asian UHNWIs are among the most positive about the  effect of the economy on their ability to create wealth.  Around 84% anticipate that global and local economic  conditions will be the biggest positive influence on their  ability to create wealth over the next five years,” the report said.

It said while UHNWI numbers in North America and Europe remain  slightly below the levels seen back in 2007, these regions saw the  strongest rates of growth last year. “An additional 1,500 individuals  boosted their net value beyond US$30m in North America during  2013, a 3.5% rise. The number of UHNWIs in Europe increased  by 3.3%, or almost 2,000 people, over the same period. Asia  gained nearly 1,000 UHNWIs during the year, taking the region’s  total to 41,114, only slightly fewer than in North America.”

This wealth creation and conservation, according to the report came even as political,  fiscal and economic headwinds buffeted some of the world’s biggest  economies. Emerging economies, which have been the engines of  growth since the financial crisis, faced upheavals during the year, and this took a toll on total global  growth, which dropped to the lowest level seen in four years.

No of billionaires in India will increase

The report projected that number of billionaires in India will grow by an exponential 98 per cent to 119 in the year 2023 from 60 billionaires last year.

“India will rank fourth after US, China and Russia in 2023 and will have more billionaires than the UK, Germany and France. Wealth creation in India, the world’s third-biggest economy, is also expected to accelerate, with the number of UHNWIs forecast to nearly double over the next decade,” the report said adding it reflects the more positive outlook for India’s economy after 2013 was marked by capital outflows and a sharp devaluation of the rupee.

The report further said the number of centa-millionaires (those with $100 million in disposable assets) in India is also projected to grow 99 per cent to 761 in 2023 from 383 last year.

“The country will further see an increase of 99 per cent in the number of UHNWIs to 3130 in 2023 from 1576 last year. The growth of UHNWIs in China and India, coupled with a whopping 144 per cent increase in Indonesia and 166 per cent hike in Vietnam, will help push the total number of UHNWIs in Asia up by 43 per cent to 58,588 by 2023, overtaking the total number in North America,” added the report.

According to the report, Asian cities are also expected to witness the fastest growth in the number of ultra-wealthy individuals over the next decade.

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