India houses 2.36 lakh Millionaires, yet among lowest per capita income

India is home to the fourth largest population of millionaires in the Asia Pacific region. Japan topped the list with 12.60 lakh millionaires, and India has 2.36 lakh such high net worth individual, a report says.

According to the Asia Pacific 2016 Wealth Report by New World Wealth, India is among the top five Asia Pacific countries in terms of number of High Net Worth Individuals (HNWIs).

China ranked second with 654,000 HNWIs and Australia was at the third place had 290,000.

An interesting fact is that while India is among the top five Asia Pacific countries in terms of total private wealth held, it is at the bottom in terms of per capita income. India's total individual wealth stood at $ 4,365 billion. China topped the list with a total individual wealth of $17,254 billion.

On per capita basis though, India was last among the bottom three, as the average wealth per person stood at $ 3,500, while Australia topped the ranking with $ 204,400.

"As reflected, Australians are the wealthiest individuals in Asia Pacific with USD 204,000 in wealth per person, whilst people in Pakistan are the poorest with $ 1,600 per person," the report added.

Image credit: Indiatimes