India has witnessed highest growth in wealth held by individuals, among top ten wealthiest nations in the world, according to AfrAsia Bank's Global Wealth Migration Review.
Wealth held by the country rose 25 per cent, from $6584 billion in 2016 to $ 8230 billion in 2017, higher than China, Australia and the US. By 2027, India's wealth is expected to grow to $24,691 billion, a growth of 200 per cent—again the highest in the group.
India is among the most unequal countries in the world, with 48 per cent of the wealth held by high networth individuals. In Saudi Arabia, the number is at 60 per cent followed by Russia (58 per cent), Nigeria (56 per cent), Brazil (53 per cent) and Turkey (52 per cent). Japan is the most equal economy with billionaires only controlling three per cent of total wealth there.
India is also among countries that have experienced biggest migration of high-net-worth individuals. 7000 HNWIs migrated out of the country in 2017. These HNWIs are moving to US, UAE, Canada, Australia and New Zealand.