New Delhi: The millionaire club is set to witness a major boom as their numbers are expected to more than double to 4.03 lakh by 2015 on the back of a robust economic growth and impressive returns from stock and property markets.
The total wealth of these millionaires, having minimum investible assets of USD 1 million, is also estimated to more than double to about USD 2.5 trillion by 2015, a report on Asian wealth market has said.
Investment banking major CLSA said in its report, titled 'Wealthy Asia' that there were a total of 1,73,000 millionaires in India at the end of 2010, with total wealth of USD 949 billion (over Rs 42,00,000 crore).
For 2015, the report forecasted the country to have as many as 4,03,000 HNWIs (High Net Worth Individuals), who have been classified as those having minimum investible assets of USD one million, with a combined wealth of USD 2,465 billion (more than Rs 1,00,00,000 crore).
CLSA said that wealth growth in India was expected to be "extremely strong" on the back of strong economic growth and robust returns from key asset classes.
"The stock market should provide almost 14 percent annual returns, while we estimate Indian properties to rise on an average close to five percent per annum," it said.
The report, which tracked the wealth market in entire Asia excluding Japan, said that India accounted for 15 percent of total HNWI population in the region, which was second largest after China's 44 percent.
However, the number of HNWIs remains extremely low in India, when compared with the total adult population.
CLSA said that India had only one HNWI in every five thousand of adult population at the end of 2010 and the ratio was expected to grow to one in two thousand adults by 2015.
In comparison, China had one HNWI in every two thousand of adult population (0.05 percent) in 2010 itself and the ratio was expected to rise to more than double to 0.13 percent by 2015.
CLSA said that the number of millionaires would rise by more than 9 lakh by 2015 in China, thus accounting for more than half of the HNWI growth in the region.
China had 5.02 lakh HNWIs with a total wealth of USD 2.6 trillion in 2010 and this was expected to rise to about 13.8 lakh with combined wealth of USD 8.8 trillion by 2015.
The total number of HNWIs in the entire region is expected to grow to 2.8 million by 2015, more than doubling from about 1.2 million in 2010.
The combined wealth of these people would nearly triple to USD 16 trillion during the same period, from about USD 5.6 trillion at the end of 2010.

Noting that the wealth was not evenly distributed, CLSA said that the HNWIs in the entire region accounted for just 0.06 percent of the adult population, while the ratio was 1.5 percent in two city-states, Singapore and Hong Kong.
The ratio was low at 0.05 percent in China and even lower at 0.02 percent in India.
"As the region develops, the surge in Asian fat cats and the impact of their spending-power will be a multi-decade theme," the report said.
CLSA further said that there were wide differences in the wealth levels of the different countries.
While an average adult's wealth in Singapore and Hong Kong stood at just above USD 150,000, the levels were only a fraction of this in less developed countries.
"The typical person has less than USD 5,000 wealth in India, the Philippines and Indonesia," the report said, while pegging the same for China at about USD 10,000.
"The forces for wealth creation are extremely favorable for Asia over the coming years. The economies are growing faster than any other region in the world."
"Savings ratios are high and the stock markets are likely to provide strong returns over time. The value of business investments is rising on strong growth and low capital costs," CLSA said.
Besides, property prices were escalating as the middle class were moving their cash out of low-yielding bank accounts into appreciating real assets, it added.