India’s super rich and their wealth grew at the fastest pace in 2017.
That’s according to Capgemini. Despite slower economic expansion, wealth generation in India was “supported by a strong equity market, with market capitalisation expanding by 51.3 percent in 2017 against 3.1 percent in 2016,” Capgemini said in its World Wealth Report 2018. As a result, India's ranking on the list of high net worth individuals rose to 11, replacing the Netherlands.
The number of super rich Indians rose by 20.4 percent year-on-year, while their wealth grew 21.6 percent.
India’s benchmark Nifty 50 rose nearly 29 percent last year, scaling new peaks. Market activity too was at a record level as volumes hit an all-time high.
Making money off stock market rallies seemed to be the case across the globe, with the Asia-Pacific region continuing to lead the way. Soaring consumer and business confidence led to higher investor confidence, Capgemini said. “Strong HNWI wealth growth was buoyed by strong equity markets, as global market capitalisation grew 21.8 percent in 2018.”
Global high net worth individual wealth crossed record $70 trillion, registering its sixth straight year of gains in 2017.
Faith In Google
An overwhelming majority of rich Indians are interested in investing their wealth in Google. While the Sundar Pichai-led firm was the top pick for super rich across the globe, Indians led with 87.3 percent of those surveyed being most interested in the software-to-search behemoth.
Their alternative to it was the iPhone maker Apple Inc. That compares with the U.S. where the second big technology interest was Amazon.