India to see 405% rise in millionaire wealth by 2020: Delloite

India is likely to experience a whopping 405% growth in total millionaire wealth by 2020, mainly driven by new wealth generators such as investments, salary income, equity stakes and new business, according to research firm Delloite.

Emerging markets will see a significantly higher growth rate in millionaire households compared to developed markets with India likely to experience the largest growth in millionaire wealth (405%) among the BRIC nations, Deloitte (India) Head Financial Services Sachin Sondhi said in a release here today.

India will be followed by China, which is poised to see millionaire wealth grow at 394%, followed by Brazil at 257% and Russia at 241% by 2020, he said. The four emerging markets make up the BRIC grouping.

"While some of the wealth creation in India will be continue to be driven by 'old wealth' drivers like real estate, family business, a sizeable portion is expected to come from the 'new wealth' drivers like investment, salary income, equity stakes, new business, etc," Sondhi said.

According to the report, the growth in millionaire wealth in India is expected to vary across different wealth cohorts.

The $5 million-30 million cohort will see the greatest growth at 161%, while the $1 million-5 million cohort and $30 million-plus cohorts will follow closely with likely growth rates of 142% and 115%, respectively, over the next decade, Delloite said.