The wealthy in emerging markets predicted to become much richer
The gap between the wealthy in developed and developing economies is closing fast, according to a Barclays Wealth study.
China and India are leading the charge of the wealthy in emerging markets, said the report, which measured the closing gap through a household wealth index, developed by Barclays Wealth and the Economist Intelligence Unit.
The index predicts how the global distribution of household wealth will change during the next 10 years and predicted that by 2017 China will accelerate to 3rd from 7th place in terms of the number of high net worth individuals with assets of $1m or more; India moves up to 8thto 14th place.
The number of countries with more than one million dollar-millionaires will rise to 12 by 2017 from the current seven, according to the index.
Singapore, Hong Kong, Switzerland, UK and Denmark will top the wealth rankings in terms of density.
The top ten wealthiest countries in 2017 will be 1)USA, 2)Japan, 3)UK, 5)Germany, 6) France 7)Italy, 8) India, 9) Canada, and 10) Spain.
The research predicted that by 2017 the number of high net worth households with $1m-plus, in the top ten wealthiest countries will almost double to 62.8m, compared with 34.5m in 2007. Their combined wealth will exceed $154 trillion.
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