Population of world's ultra wealthy hits 2L in 2013, India adds 120 UHNW individuals

Sep 11 2013, 21:17 IST
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There are 7,850 UHNW individuals in India with combined wealth of $935 billion. (AP) There are 7,850 UHNW individuals in India with combined wealth of $935 billion. (AP)
SummaryIndia has highest number of female millionaires in the world with a combined fortune of $95 bn.

a sign that rich people in these markets are mainly entrepreneurs still focused on building up their businesses.

"When the domestic economies are doing well they tend to put the money into their businesses rather than in their private banks," said Joseph Poon, head of UBS Wealth Management's Southeast Asian ultra high net worth (UHNW) business.

Taken as a whole, the number of ultra high net worth individuals in Asia rose 5.4 per cent to 44,505, still some way behind the United States, which saw an 8.7 per cent rise to 65,505.

Looking ahead, the report's authors are forecasting that this year's trend is unlikely to continue and that Asia should have a bigger ultra wealthy population than Europe by 2021 and the United States by 2032.

"We think it's a temporary condition," said Mykolas Rambus, chief executive of Wealth-X.

In total the report found that the number of ultra wealthy people in the world hit 199,235 in 2013, and together they held close to $28 trillion, a rise of $2 trillion on last year.

Men still far surpass women, making up 88 per cent of the world's rich elite.

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