New Delhi, Nov 7: A report has revealed that India has 2,19,000 ultra-rich people whose combined wealth is a whopping $877 billion. It further adds that the country has the fourth largest population of millionaires in the Asia Pacific region. Also Read - LIVE Delhi Capitals vs Kings XI Punjab Match 2 Live Cricket Score And Updates: KL Rahul Bowled; DC Hurt KXIP in 158 Chase in Dubai

The report– titled Asia-Pacific Wealth Report (APWR)– prepared by Capgemini puts India at fourth position. Indian millionaires contribute 4 per cent of the market share of the high net worth individuals (HNWIs). The HNWIs are individuals who have assets worth $ $1 million. Also Read - Huawei Working on a New Phone With an in-display Selfie Shooter

Japan is number one on the list with 28,91,000 followed by China which has 11,29,000 HNWIs. Australia was at the third place with 2,55,000 millionaires until the end of 2016. Also Read - Sexual Harassment Row: Payal Ghosh To Register Complaint With NCW Against Anurag Kashyap

India’s population of millionaires increased a whopping 9.5 per cent in the 2015-2016– which is more than the average annual growth rate of 7.4 per cent of the Asia-Pacific region.

“This was ahead of China and Japan which registered a growth of 9.1 per cent and 6.3 per cent, respectively, for the same period,” the report noted.

In the same period, the wealth of Indian millionaires swelled by 10 per cent, which is more than the annual average growth of 8.2 per cent.

“After a sedate HNWI wealth expansion of 1.6 per cent in 2015, India posted double digit HNWI wealth growth of 10 per cent in 2016. This jump was propelled mainly by a rebound in its equity markets and real estate…,” the report said.

The report also made an observation on Modi government’s big-ticket economic reforms.

“On India, investor sentiment has remained cautiously confident in the wake of the election of the reformist Prime Minister Narendra Modi, the unannounced demonetisation initiative challenges in dealing with significant issues such as unemployment, and the ongoing use of retrospective tax grabs on foreign multi-nationals may have caused some trepidation”.

“In terms of geographic spread of asset allocation, Indian HNWI’s are largely holding their assets in Singapore (22.2 per cent) Dubai (14.4 per cent) and London (13.4 per cent),” it said.