India has the third largest number of billionaires in the world, and in the next decade, as many as 238 additional ultra high net worth individuals will join this elite club, says a report.
According to AfrAsia Bank Global Wealth Migration Review, India currently has 119 billionaires, and this number is expected to swell to 357 by 2027.
Over the next 10 years, while India is expected to create 238 additional billionaires, its neighbour China is likely to add as 448 such individuals.
By 2027, the United States is likely to have the maximum number of billionaires at 884, followed by China (697), and India (357) in the second and third positions, respectively.
Billionaires refer to individuals with net assets of USD 1 billion or more.
Other countries that are expected to create significant number of billionaires over the next decade include Russian Federation (142), United Kingdom (113), Germany (90) and Hong Kong (78).
Globally, there are 2,252 billionaires at present, and this number is expected to increase to 3,444 by 2027.
In terms of “total wealth” — the private wealth held by all the individuals living in each country — India is the sixth wealthiest country in the world with a total wealth of USD 8,230 billion.
The US is the wealthiest country in the world with a total wealth of USD 62,584 billion, followed by China (USD 24,803 billion) and Japan (USD 19,522 billion).
Factors that will help in wealth creation in India include, large number of entrepreneurs, good educational system, robust outlook for IT, business process outsourcing, real estate, healthcare and media sectors which will result in a 200 per cent rise 10-year wealth growth forecast, according to the report.
Meanwhile, global wealth is expected to rise by 50 per cent over the next decade, reaching USD 321 trillion by 2027. The fastest growing wealth markets are expected to be Sri Lanka, India, Vietnam, China, Mauritius, the report said.