India’s wealth to double in 5 years

India's robust economic growth is likely to drive the country's fortune to a $6.4 trillion in the next five years, reflecting a nearly two-fold jump from the country's current wealth, says a report. According to the Credit Suisse Global Wealth Report published for the first time, the total wealth of India has trebled in a decade to $3.5 trillion. By 2015, the country's wealth could nearly double to $6.4 trillion. Besides, the global wealth, which stood at $195 trillion will rise by an 61% to $315 trillion by 2015, primarily driven by the robust economic expansion in the emerging markets. Interestingly, Asia Pacific boasts of more billionaires than Europe. There are over 1,000 billionaires globally, of which 500 are in North America, followed by 245 in Asia Pacific and 230 in Europe. Besides, the report said that there were 24 million HNIs, whose average wealth per adult stood in the range of $1-$50 million. China has over 800,000 HNIs, India has around 170,000 while rest of the Asia Pacific as over four million HNIs. Meanwhile, in terms of the countries generating maximum wealth, the US has emerged as the topper with the total of $54.6 trillion of household wealth.
China is expected to overtake Japan as the second wealthiest country in the world by 2015 on the back of rapid economic growth and strong domestic consumption, a report said on Friday. In its inaugural Global Wealth Report, Credit Suisse Research Institute predicts total wealth in China will more than double in five years, jumping 111% to $35 trillion.