India, China to double wealth in five years

New Delhi/Hong Kong: Vigorous economic growth is likely to double India's wealth to $6.4 trillion over the next five years, according to a report by Swiss bank Credit Suisse. The Credit Suisse Global Wealth Report says the country's total wealth has trebled over the past decade to $3.5 trillion and that it would nearly double to $6.4 trillion by 2015.

The report also suggests that China will overtake Japan as the second wealthiest country in the world by 2015 on the back of rapid economic growth and strong domestic consumption.

According to the report, global wealth is slated to increase by 61%, to $315 trillion by 2015 from current $195 trillion accelerated by robust economic expansion in the emerging markets.

The report, generated by the Credit Suisse Research Institute, has been published for the first time.

The regional shift in global wealth is also reflected in the fact that the Asia Pacific region boasts of more billionaires than Europe. Of the 1,000 billionaires present globally, 500 are in North America, followed by 245 in Asia Pacific and 230 in Europe.

The report also suggests that there are atleast 24 million HNIs around the world whose average wealth stood in the range of $1- $50 million per adult. While China accounts for over 800,000 of these HNIs, India has around 170,000 while rest of the Asia Pacific as over four million HNIs.