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Home / News / Business News / Report: India to become world's 11th wealthiest nation by 2022
  • Business

    Report: India to become world's 11th wealthiest nation by 2022

    Shiladitya Ray
    Written by
    Shiladitya Ray
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    Last updated on Oct 10, 2018, 05:32 pm
    Report: India to become world's 11th wealthiest nation by 2022
    Credits:
  • According to a report by management consultancy firm Boston Consulting Group (BCG), India is set to become the world's 11th wealthiest nation by 2022, in terms of personal wealth, ahead of prosperous countries like Switzerland, The Netherlands, Taiwan and Singapore.

    The report notes that personal wealth in India would grow to $5 trillion from the current $3 trillion by 2022.

    Here are the details.

  • In this article
    India's personal financial wealth is growing, and it's growing fast The BCG report's predictions about US and China India has an increasing number of wealthy individuals Vast opportunities await wealth managers Indian banks aren't doing enough to capitalize on the opportunity
  • Personal wealth

    India's personal financial wealth is growing, and it's growing fast

    India's personal financial wealth is growing, and it's growing fast
  • The report observes that India's personal financial wealth has grown at a compounded annual growth rate (CAGR) of 12% since 2012, and the growth rate is expected to be 13% between 2018 and 2022.

    Notably, this makes India the only nation in the world after China to have a double digit CAGR for personal financial wealth.

  • Data

    The BCG report's predictions about US and China

  • The US will still retain the top position, with its personal wealth growing to $100 trillion by 2022 from the current $80 trillion. China's personal wealth, on the other hand, is expected to double touch $43 trillion from the current $21 trillion by 2022.

  • Individuals

    India has an increasing number of wealthy individuals

    India has an increasing number of wealthy individuals
  • Delving into details, the report notes that India has an increasing number of increasingly wealthy individuals.

    It points out that India currently has over 320,000 people with wealth up to $1mn, 87,000 high net worth individuals (HNWI) with wealth in the range of $1mn and $20mn, and around 4,000 ultra high net worth individuals (UHNWI) with personal fortunes valued above $20mn.

  • Re-investment

    Vast opportunities await wealth managers

    Vast opportunities await wealth managers
  • The report also noted that this vast increase in personal wealth would provide massive opportunities for wealth managers.

    According to BCG, nearly 70% of India's personal financial wealth would be available for re-investment by wealth managers and wealth management firms by 2022, up from 67% last year.

    The re-investable wealth would be in the for of listed equity, bonds, investment funds, currency, deposits, etc.

  • Opportunity

    Indian banks aren't doing enough to capitalize on the opportunity

    Indian banks aren't doing enough to capitalize on the opportunity
  • Yet, despite this opportunity, BCG notes that Indian banks aren't doing enough to capitalize on it.

    According to Anna Zakrzewski, partner and director, BCG Zurich, Indian banks have access to a ton of data in terms of behaviour, investments, life cycles, and more, but currently, they only use "just 25%-30%" of this data.

    If this data can be leveraged, a lot can be gained.

  • India
  • Netherlands
  • Boston Consulting Group
  • United States of America
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