India Home To 1.56 Lakh Millionaires: Report

"Overall, 2013 was another strong year for the High Net Worth market, with surging equity markets and improving economies contributing to double digit growth in both population and wealth levels," RBC Wealth Management & RBC Insurance group head M George Lewis said.

"Looking at longer term growth trends, nearly 40 per cent of the current level of High Net Worth wealth has been created in the past five years alone."

Going forward, wealth growth is expected to accelerate with an additional $12 trillion generated by 2016.

"Global HNWI wealth is forecast to reach a new high of $64.3 trillion by 2016, representing 22 per cent growth from 2013 levels and around $12 trillion in new wealth," the report said.

Robust growth is expected in most regions, with Asia-Pacific at the forefront with an anticipated 9.8 per cent annual growth rate, positioning the region to be the largest HNWI market by population in 2014 and by wealth by 2015, the report further said.

North America and Asia-Pacific remained in a close race for the world's largest HNWI market by population in 2013. North America's HNWI population expanded by 16 per cent to 4.33 million, while that of the Asia-Pacific grew 17 per cent to reach 4.32 million.

North America maintained its position as the wealthiest region, as its HNWI wealth reached $14.88 trillion, while Asia-Pacific's HNWI wealth reached $14.20 trillion.
(With inputs from PTI)
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