India's total millionaire wealth to grow 405% by 2020, says Deloitte

NEW DELHI: India may witness a growth of 405 per cent in total millionaire wealth by 2020. The major growth drivers will be areas like investments, salary income, equity stakes and new business, according to research firm Deloitte.

The reports also reveals that the emerging countries will experience higher growth rate in millionaire households as against developed markets and India is expected to witness the largest growth in millionaire wealth among the Brazil, Russia, India and China (BRIC) nations.

Among the four emerging markets of BRIC nations, China is expected to see the wealth growth of 394 per cent, followed by Brazil at 257% and Russia at 241% by 2020.

Mr Sachin Sondhi, Deloitte (India) Head Financial Services, said, “While some of the wealth creation in India will be continue to be driven by 'old wealth' drivers like real estate, family business, a sizeable portion is expected to come from the 'new wealth' drivers like investment, salary income, equity stakes, new business, etc.”