India sees 20% increase in dollar millionaires in 2017, says report

Despite adverse impact on GST implementation, India saw a 20 per cent increase in both the number of dollar millionaires and their wealth in 2017 to emerge as the fastest growing market for high net worth population, a report said on Tuesday. The report, which comes amid growing concerns over social ramifications of asymmetry in wealth distribution, said the number of high net worth individuals grew 20.4 per cent to 263,000 people, while their collective wealth grew 21 per cent to over $1 trillion.

“India was the fastest-growing market globally,” the report by French tech firm Capgemini said. The country’s growth on both the number of HNIs and wealth is faster than the global average of 11.2 per cent and 12 per cent, respectively, the report by French tech firm Capgemini said.