India is home to the fourth-largest population of high net worth individuals (HNIs) in the Asia-Pacific, with total wealth of $797 billion, says a report.
Asia-Pacific (APAC) is a region consisting of the whole of Asia as well as regions bordering the Pacific Ocean, especially the small nations of East Asia. The most commonly quoted figure for membership in the high net worth club is $1 million in liquid financial assets.
The number of HNIs in India jumped to 200,000 last year from 180,000 in 2014, while their overall wealth rose by 1.6 per cent during the same period, according to the Asia-Pacific Wealth Report 2016 by Capgemini on Thursday.
Japan has the largest HNI population in the Asia-Pacific at over 2.7 million followed by China at more than a million in 2015 and Australia, 230,000.
The HNI wealth in Japan rose 11.4 per cent to $6,571 billion, while that in China surged 16.9 per cent to $5,261 billion. One year after recording the highest population of HNIs, the Asia-Pacific now leads the world with the largest amount of HNI wealth, according to the report.
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