India is poised to occupy the sixth position in the top 10 wealth markets this year after edging out Spain to the 10th slot in 2011, says a report.
According to Datamonitor's2012 global wealth market report, “Uncertainty about the future of the euro and the worsening of the sovereign crisis in Europe are predicted to cause continuing problems, but many emerging markets are expected to continue marching ahead.”
The report further said the world order of wealth markets is witnessing a tilt towards emerging economies which are expected to overtake their Western European counterparts going forward.
The top 10 wealth markets, in terms of dollar millionaire holdings at the end of 2011, in descending order, were the US, Japan, China, the UK, Germany, Italy, Canada, France, Brazil, and India, it said.
Moreover, the cumulative value of the liquid assets held by millionaires in the emerging economies of Brazil, China, and India are likely to triple to $4.6 trillion from $1.5 trillion between 2006 and 2015.
India, in particular, will experience explosive growth, and is anticipated to jump sixth place by the end of 2012, the report said.
Some of the mature markets have, however,provenmoreresilient,with the UK and the US, in particular, expected to perform strongly.
“Spain’s fall from the top 10 wealth market in 2011 was largely due to the combination of its poor performance and the explosive growth seen in India and Brazil,” the Datamonitor report said.
According to the report, the top 10 wealth markets in 2015 will be the US at number one, with China in second place, followed by Japan, the UK, Germany, India, Brazil, Italy, Canada, and France. The US will remain the largest high net worth market in the world till 2015, the report said.