While the USA remains the primary millionaire factory, India outpaced many developed markets in growth.
India’s wealth is rooted in real assets rather than financial assets, and owes less debt.
The country also cemented its position as a top-tier hub for millionaires: it now has as many of them as Switzerland.
But growth remains concentrated, with a Gini coefficient of 0.74 putting it among the most unequal nations.
The analysis covered 56 countries that represent over 92% of the world’s wealth.
All mentions of China exclude Hong Kong and Macau. “Wealth” is defined as the value of financial and real assets owned by private individuals, minus their debts. The conversion to US dollars relies on year-end exchange rates.
Gini coefficient is a measure of how equal the distribution is: the higher it is, the greater the inequality