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India to become 8th wealthiest nation in 10 years: Study
LAST UPDATE: Thursday, 8 May 2008 - 11:37:55 PM
CHENNAI: A new Household Wealth Index developed by Barclays Wealth and the Economist Intelligence Unit (EIU) predicts that India is set to leapfrog many developed countries to become the 8th largest wealth market in the next 10 years.
The index forecasts that the number of Indian dollar-millionaire households will increase from a currently negligible number to over 4,00,000 in just 10 years. Also, India's mass affluent population will grow from a negligible amount to nearly two million people by 2017.
The report titled ' Evolving Fortunes' signals the rise of emerging markets like India displacing more developed economies with China, Russia and Brazil also reaching the top 12 wealthiest country rankings.
This signals a global shift in the distribution of wealth that will result in the terms 'G7' or 'developed' as an outmoded categorisation for wealthy economies.
The Index shows that India would experience one of the largest absolute increase in the number of dollar millionaires over the next decade. Ahead of several developed economies, India will only be preceded by the US, China, Japan, UK, Germany, France and Italy in the overall wealth rankings in 2017.
Satya Bansal, CEO, Barclays Wealth, India said, "this report reflects a seismic shift in world wealth holdings with increasing focus on emerging countries like India in the global wealth management industry."
In less than two decades, India will be transformed from a slowgrowing agrarian economy into one of the world's most dynamic. It has grown at an average of more than 8 per cent per annum and by 8.7 per cent in the recent fiscal.
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