India, China climb the rich list
NEW DELHI: India, with its increasing number of millionaires, is poised to be in the 8th position among the world’s top 10 wealth centres by 2017, says a report by banking giant Barclays.
The report claims emerging markets like India, China and Russia are fast catching up with the rich countries in terms of their wealth.
“Over the coming decade, the gap in wealth between the world’s most developed countries and the leading emerging markets will continue to narrow with many new millionaires being created in India, China, Russia and other countries which are undergoing rapid development,” says Barclays Wealth Report.
By 2017 the four emerging markets– India, China, Brazil and Russia– will have so many millionaires that it would be inappropriate to call them emerging markets, Barclays added.
China is likely to move up to No 3 from its present seventh place among the world’s richest nations.
The report says a sudden spurt in the wealth of emerging markets has displaced more developed economies such as Australia, South Korea and Portugal from the list.
Ian Jarrett
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