India ranks third in centi-millionaire rise – those with ₹830 cr: report

Despite poverty, inflation and hunger, India ranks third in the world’s first-ever global study on the rise of centi-millionaires – individuals with assets over Rs 830 crore ($100 million), a new report has revealed.



Of the world’s 25,490 centi-millionaires, India has 1,132, beating countries like the UK, Russia and Switzerland, in a burgeoning and powerful class of super-wealthy tech titans, financiers, multinational CEOs and heirs.

In 2032, India will catch up China (number 2) as the fastest growing market for centi-millionaires, with an expected growth rate of 80 percent among individuals worth more than $100 million, according to the report from international investment migration consultancy Henley & Partners.

“At about 57 percent, Asia’s centi-millionaire growth will be twice that of Europe and the US over the next ten years. The centi-millionaires in these countries, mainly concentrated in China and India, will increase their European and American colleagues,” said Misha Glennya financial journalist and author.

Of the world’s 25,490 centi-millionaires, the No. 1 US is home to 38 percent (9,730) of global centi-millionaires, despite making up just 4 percent of the total world population.

It is closely followed by the major emerging markets of China and India in second and third place, with 2,021 and 1,132 centi-millionaires respectively.

The UK is in fourth place (with 968 centi-millionaires), closely followed by Germany in fifth place (with 966).

Switzerland (808), Japan (765), Canada (541), Australia (463) and finally Russia (435) make up the rest of the top 10 countries for centi-millionaires.

The report states that $30 million was considered the definition of “super rich” in the late 1990s, but asset prices have risen significantly since then, making $100 million the new benchmark.

It goes on to say that the number of centi-millionaires has doubled in the past 20 years and that “their capital accumulation has accelerated dramatically due to the economically and socially disruptive effects of technology and the recent Covid pandemic”.

While a growing number of younger entrepreneurs who have founded successful tech companies are newcomers to the club, baby boomers — people born between 1946 and 1964 — still dominate the centi-millionaire circle, despite many now cashing out their stock options and selling their shares. companies.

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