India home to nearly 219,000 millionaires

India is home to the fourth largest population of millionaires in the Asia Pacific region with near 219,000 ultra-rich individuals having a combined wealth of $877 billion, says the 2017 Asia-Pacific Wealth Report released by Capgemini. High net-worth individuals are defined as those having investible assets of $1 million or more, excluding primary residence, collectibles, consumables, and consumer durables. At the end of 2016, there were 2,891,000 millionaires in Japan, while China ranked second with 1,129,000 HNWIs and Australia third with 255,000. Between 2015 and 2016, India's HNWI population surged by 9.5%. In terms of HNWI wealth, India witnessed a 10% growth.

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