According to Henley & Partners, a worldwide investment migration advisory company, India will surpass China (at number 2) as the fastest growing market for centimillionaires by 2032, with an expected 80% growth rate in individuals worth over $100 million.
In a recent survey conducted by advisory firm Henley & Partners, the Centi-Millionaire Report is the first global study of ultra-high-net-worth individuals who boast USD $100 million in investable assets. The study revealed that the US, which ranks first among the world’s 25,490 centi-millionaires, is home to 38% of worldwide centi-millionaires and is closely followed by China, both countries have a net worth of US$100 million or more. India ranks third on the rise of centi-millionaires.
Furthermore, the report states that by 2032, India (1,132 centi-millionaires) will surpass China (number 2) as the fastest-growing market for centi-millionaires. It has already overtaken countries such as the UK (968 centi-millionaires), closely followed by Germany in fifth position (with 966). Considering the level of poverty and hunger prevailing in the country, this is an impressive achievement.
Switzerland (808), Japan (765), Canada (541), Australia (463), and finally Russia (435), make up the rest of the top 10 countries for centi-millionaires.
So, how has India achieved this position? Primarily due to its dominance in the IT sector, along with super financiers and CEO`s of multinational companies. It is in the IT sector where the growth of the super-rich has increased. Additionally, the report also revealed that over the past 20 years, the number of centi-millionaires has doubled in India, mainly due to the economically and socially disruptive effects of technology, and the Covid pandemic.
Bangalore, a southern city in India, has become one of the world’s leading hubs for IT development and software. Leading US software firms are now run by Indian-origin CEOs, an indicator of their expertise in the IT sector.  In a recent move, Apple Co. has shifted its handset manufacturing base from China to India, reflecting confidence in its facilities and cheaper labor costs. Although the IT sector contributes the most to the creation of India`s centi-millionaires, other sectors such as petroleum, oil refineries, and the boom of young financial entrepreneurs, have also seen a rise in their share.
The wealth of 142 billionaires based in India, collectively is worth $832 billion (Rs 66.36 trillion), according to Fortune India’s list of ‘India’s Richest’ for 2022.
With an expected growth rate of 80%, it seems likely that India is forecasted to be the fastest-growing nation by 2032, with centi-millionaire individuals worth more than $100 million.
