In 5 years, India and China will have more super wealthy than Switzerland, Italy

If analysts are to be believed China and India may become world’s biggest economic powerhouses in the next few years. But that’s not all. With a rapidly growing middle class population in these countries, a Wealth-X report notes that Asia may become the largest Ultra High Net Worth (UHNW) region in the world in the next 20 years.

According to a Wealth-X report, there will be an increasing number of UHNW individuals from Asia’s two giants – China and India – seeking global citizenship in the coming years.

[caption id=“attachment_83708” align=“aligncenter” width=“400”]  A comparison between China and India’s UHNW individuals.[/caption]

The above chart shows the total number of super wealthy in both China and India.

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The report predicts that at the average population growth rate of 5.9% in Asia, these four groups of UHNW individuals (NRC, NRI, China and India’s UHNW individuals) would grow by 33% in the next five years. This equates to an additional 8,935 UHNW individuals, greater
than the current UHNW population of Switzerland and Italy combined, being created in the next five years alone.

The report points out that these two countries already have some of the largest UHNWpopulation based abroad, with 5,380 NRI’s (Non-residentialIndians) and 3,020 NRC’s (Non-residentialChinese).Coupled with current residents of China and India, the two countries have a total UHNW population of 26,925, accounting for 1 of every 7 UHNW individuals in the world.

The report says that Asia is expected to be one of the fastest growing regions in terms of number of UHNW individuals in the next five years, with the region’s UHNW population increasing at an average rate of 5.9 percent. And, China and India are going to be among the key countries driving this strong growth.