India's personal wealth may grow at 13% to $5 tn: BCG

The country's personal wealth is expected to grow at a CAGR of 13% to $5 trillion by 2022, according a report by the Boston Consulting Group (BCG).

Its personal wealth was estimated to be $3 trillion in 2017.

The country is also expected to become the 11th wealthiest nation globally by 2022 in terms of total personal wealth, improving its rank by four places from 2017, the report said.

The US leads the chart in terms of total personal wealth with $80 trillion in 2017, which is projected to touch $100 trillion by 2022. China is ranked the second, with a total personal wealth of $21 trillion, which is expected to more than double to $43 trillion by 2022.

The report noted that India constitutes the second largest pool of wealth from emerging markets in the coming years, with $2.2 billion.

It is the fifth largest Asian market in number of affluent, high networth, and ultra high networth individuals.

There were 322,000 affluents, 87,000 high networth individuals and 4,000 ultra high networth individuals in the country in 2017, according to the report.

It observed that nearly 70% of the country's personal financial wealth would be accessible to wealth managers in 2022.

The 70% investable wealth in the country includes listed equity, bonds, investment funds, currency and deposits, and other smaller asset classes, while the 30% non-investable wealth includes life insurance and pensions, unlisted equity and other equity.

The report also noted that around 6% of the private wealth is currently held offshore.