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India Saw Average Annual Wealth Growth Dip by Over Half Since 2010, Research Finds The world's major millionaire population rests in United States (38 per cent), Western Europe (28 per cent), and Mainland China (10 per cent). The three equate to the sum of millionaires in Japan, India, Indonesia, South Korea, Singapore, and Thailand

By Paromita Gupta

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When it comes to yearly aggregate growth in wealth, the statistics tend to fluctuate wildly. The economies have seen a drastic change in growth rates over time, particularly since 2010.

Among major markets, India and Mainland China saw their average annual wealth growth be more than halved since 2010, according to the 2024 Global Wealth Report from UBS.

"In the first decade of the millennium, over half of the markets in our sample saw their wealth grow in the double digits when measured in USD. Since then, not a single one comes close to 10 per cent," read the report.

India's wealth growth rate fell from 14 per cent in 2000-2010 to seven per cent in 2010-2023.

Source- Global Wealth Report 2024

When it came to average wealth per adult local market from 2008 to 2023, India's value was close to 380 per cent. The report placed India's average growth in wealth per adult from 2022 to 2023, in local currency at under minus 2.5 per cent. Türkiye recorded its average wealth per adult in this period being up by 1708 per cent in local currency, while Greece experienced a decline in wealth of 11 per cent.

Notably, four markets: Greece, Japan, Italy, and Spain, have reported negative wealth growth. On the other hand, the US, Hong Kong SAR, Isreal, and Taiwan saw improvement or no change in the wealth growth rates.

India's wealth inequality grew by 16.2 per cent during the same period.

For number of USD millionaires, the country clocked in 868,671 in 2023 and is expected to touch 1,061,463 by 2028, growing at a rate of 22 per cent. The world's major millionaire population rests in United States (38 per cent), Western Europe (28 per cent), and Mainland China (10 per cent). The three equate to the sum of millionaires in Japan, India, Indonesia, South Korea, Singapore, and Thailand.

"By 2028, the number of adults with wealth of over USD one million will have risen in 52 out of the 56 markets in our sample, according to our forecast," the report also read.

Paromita Gupta

Entrepreneur Staff

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
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