Wealth with Indian millionaires grew fastest in Asia in 2017

Compared with the previous year, the wealth of the richest Indians rose by 22%. Chart: Bloomberg

Hong Kong: The largest accumulation of wealth in the Asia-Pacific region, with $ 7.7 trillion, but legions of Chinese millionaires are hurrying to catch up. The pool of wealth held by wealthy individuals in China has increased by more than 144% between 2010 and 2017. According to the latest Asia-Pacific wealth report, prepared by consultant Capgemini, the equivalent growth rate in Japan was About 87% during the same period.

More recently, Indian millionaires have accelerated the pace. The wealth held by wealthy Indian individuals increased by almost 22% in 2017 compared to the previous year, the fastest growth in the region over this period, Capgemini said Wednesday.

Other important Asian wealth markets also grew rapidly. year.

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And the fast ascending trajectory should continue. After doubling between 2010 and 2017 to reach $ 21.6 trillion, the total wealth pool held by Asian HNIs is expected to nearly double again to $ 42 trillion by 2025, Capgemini said.

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Last year, the wealth of the Asia-Pacific region accounted for 41.4% of all new HNI wealth in the world, said the consulting firm. It defines HNI as having investable badets of more than one million dollars.

Despite difficulties such as the trade war with the United States, the wealth generation in China continued this year, according to William Sullivan, head of Capgemini's strategic intelligence in the market. "This is an exciting time for Asia," he added.

Bloomberg's Chloe Whiteaker contributed to this story.