A new report from PBI’s sister company WealthInsight has found that Indian millionaires are expected to grow at a rate of 34.2% to 358,057 HNWIs by 2018. Not only will there be more HNWIs in the market, the amount they posses will increase by 43.7% to more than $2 trillion.
Following the Bharatiya Janata Party’s (BJP) victory in India’s general election this week, the largest democratic election in the world, new prime minister Narenda Modi is expected to revolutionise India’s prospects.
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To adapt to the rising amount of wealth in the country, Modi is attempting to create more job opportunities, stimulate economic growth and improve infrastructure so the wealth creation in the country will grow even further. One of his biggest plans is to provide electricity to all households and businesses across the country.
Tom Carlisle, analyst at WealthInsight, said: "These political elections are the most influential in India’s short democratic life, with the Nehru-Gandhi dynasty all but wiped out, only winning 44 seats in parliament. Modi is expected to revolutionise India by providing greater job prospects, opportunities for economic growth and better infrastructure. A large part of his time as country leader will be to significantly increase the level of foreign investment in banking insurance and construction. This will create greater opportunities for wealth and increase the low GDP level that has stunted domestic investment within India."
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