Wealth in India to grow faster than China by 2020

MUMBAI: Swiss private wealth manager, Julius Baer estimates that wealthy individuals in India will be worth $2.3 trillion by 2020 from $1.425 trillion in 2016.
In a report released on Thursday, its fifth annual Asia Wealth Report which monitors the cost of living in luxury and wealth creation in Asia, Julius Bear said 25% of global wealth is estimated in the continent of which India is strategic part.

China continues to be the country with the highest amount of wealth. Wealthy individuals are projected to be worth $8.25 trillion in 2020 from $5.10 trillion in by 2016.

However, the wealth of high networth individuals in India is going to rise at a faster clip, by 94% between 2014 and 2020 as opposed to China which will grow at 74%.

According to the report, the pool of investable assets held by HNIs could reach $14.5 trillion by 2020 a growth of 160% in the current decade.

The report took into consideration 11 Asian cities - Hong Kong, Singapore, Shanghai, Mumbai, Taipei, Jakarta, Manila, Seoul, Kuala Lumpur, Bangkok and Tokyo.

Of these cities Mumbai was ranked the lowest in terms of cost of goods and services while Shanghai, followed by Hong Kong and Singapore were the most expensive cities.

Atul Singh, managing director and CEO, Julius Baer, India said the bond market is becoming a big alternative investment channel.