India Could Have 6 Million Millionaires By 2030

by Shreya Ghosh
India Could Have 6 Million Millionaires By 2030

India is witnessing exponential growth in different sectors. Various reports are stating some great facts about our country. Recently, a bank mentioned in a report how India may soon have a huge amount of millionaires by 2030. It is likely that the number of millionaires in India can increase to about 6 million by 2030. It is a great way to see the growing wealth in the country and Asia too. The same report also stated that Singapore will be leading in the Asia-Pacific region and will have the highest percentage of millionaires in the adult population.

India Likely To Have 6 Million Millionaires By 2030

The financial wealth of Asia has surpassed the US following the Global Financial Crisis. Asia is home to quite a few countries that are witnessing immense growth in their economies. In fact, these countries fall in the group of the fastest-growing economies globally. As per a report by HSBC, a British multinational bank and financial services company, it is expected that by 2030, India will see a rise of 6 million millionaires in the adult population. The number is less than 1% of the adult population in India. The report also states that the Philippines and Vietnam along with India will probably witness a rise in the adult population having wealth of a $250,000 increase over twice the number by 2030.

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What Will Probably Happen In Other Asian Countries?

The report by HSBC showed what the financial wealth of Asian countries will look like in 2030. According to the report, Singapore will become Asia’s millionaire capital with the highest percentage of millionaires in the adult population. It is likely that mainland China will house 50 million millionaires by the first year of the next decade, 2030. This means that 4% of the adult population in China is likely to become millionaires.

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Frederic Neumann is the Co-head of Asian Economics and global research Asia for HSBC and he stated some facts about Asia’s growing economy in the report. He wrote, ‘An account of Asia’s growing wealth also shines a light on the societal resources that are ultimately available to lift millions more out of poverty.’