India home to 2.36L millionaires, but can't get rid of `poor' tag
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NEW DELHI India is home to the fourth largest population of millionaires in the Asia Pacific region, with 2.36 lakh such high net worth individuals (HNWI), while Japan topped the list with 12.60 lakh people, says a report.It defined HNWIs as those individuals with assets of $ 1 million (about Rs 6.5 crore).On the flipside, India is among bottom three as far as per capita income is concerned, At the end of 2015, China ranked second with 6,54,000 HNWIs and Australia, with a rich-people count of 2,90,000, sat at third spot, according to the Asia Pacific 2016 Wealth Report, by New World Wealth.
Asia Pacific HNWI numbers have increased by 115 per cent over the past 15 years, compared to the worldwide HNWI growth rate of 82 per cent. The numbers in the region are expected to rise by 50 per cent over next 10 years, reaching around 5.2 million by 2025, the report said.
Over this period (by 2025), India is expected to see a 105 per cent growth in HNWI population to 4,83,800 from 2,36,000, the report added. On the other side of India's impressive total private wealth $4.3 trillion is its per capita income, which is the average wealth per person. On this front, India was last among the bottom three with $3,500. Australia topped the ranking with a per capita income of $2,04,000. “People in Pakistan are the poorest with $1,600 per person,“ the report added.
POOR SHOW ON TALENT
Reflecting an acute shortage of skilled labour force and difficult business conditions, India has slipped 11 places to rank 89th on a global index of talent competitiveness, a list which has been topped by Switzerland.
The next top performers are Sin gapore, Luxembourg, the US and Denmark, as per the annual Global Talent Competitiveness index. India's ranking is worst among the five BRICS countries, with China leading the pack with a global rank of 48.
The index measures a nation's competitiveness based on the quality of talent it can produce, attract and retain. Stating that India and China remain a net exporter of talent, the study said many emerging countries that have invested in higher education have neglected vocational education.
Asia Pacific HNWI numbers have increased by 115 per cent over the past 15 years, compared to the worldwide HNWI growth rate of 82 per cent. The numbers in the region are expected to rise by 50 per cent over next 10 years, reaching around 5.2 million by 2025, the report said.
Over this period (by 2025), India is expected to see a 105 per cent growth in HNWI population to 4,83,800 from 2,36,000, the report added. On the other side of India's impressive total private wealth $4.3 trillion is its per capita income, which is the average wealth per person. On this front, India was last among the bottom three with $3,500. Australia topped the ranking with a per capita income of $2,04,000. “People in Pakistan are the poorest with $1,600 per person,“ the report added.
POOR SHOW ON TALENT
Reflecting an acute shortage of skilled labour force and difficult business conditions, India has slipped 11 places to rank 89th on a global index of talent competitiveness, a list which has been topped by Switzerland.
The next top performers are Sin gapore, Luxembourg, the US and Denmark, as per the annual Global Talent Competitiveness index. India's ranking is worst among the five BRICS countries, with China leading the pack with a global rank of 48.
The index measures a nation's competitiveness based on the quality of talent it can produce, attract and retain. Stating that India and China remain a net exporter of talent, the study said many emerging countries that have invested in higher education have neglected vocational education.
