The wealth of the country's high networth individuals (HNIs), which is likely to touch at USD 1.224 trillion this year, may nearly double to USD 2.3 trillion by 2020, says a study.
While the wealth of the domestic HNIs will grow by 94 per cent, in China it is likely to grow by 74 per cent and around 60 per cent across Asia, says a report by Julius Baer.
"From USD 949 billion in 2010, we project HNI wealth to touch USD 1.425 trillion in 2016, and further jump to USD 2.3 trillion by 2020. Wealth to nominal GDP ratio is seen rising from 55.5 per cent in 2010 to 64.1 per cent in 2020," the report said.
If the HNI wealth grows as projected (by 94 per cent between 2015 and 2020) against 74 per cent for China, for a decade or more, the country can narrow the wealth and economic gaps with China, the report noted.
"We are quite constructive on the pace of wealth creation in the country and new businesses", the report said.
It said the HNI wealth slightly contracted in 2011 and experienced a marginal growth in the next two years. It stabilised in 2014 and is expected to rise this year and next.
Asian HNI wealth as a whole is estimated to reach USD 14.5 trillion, or a growth of 160 per cent in the current decade, by 2020.
