India's
total household wealth stood at USD 5 trillion while the country is
home to 2,45,000 millionaires, says a Credit Suisse report. The
number of ultra rich in the country is expected to rech 3,72,000
while the total household income is likely to grow by 7.5 per cent
annually to touch USD 7.1 trillion by 2022, the report said.
According to Credit Suisse Global Wealth Report, since 2000, wealth
in India has grown 9.9 per cent per annum, faster than the global
average of 6 per cent even when taking into account population growth
of 2.2 per cent annually. Moreover, India's wealth growth of USD 451
billion represents the 8th largest wealth gain globally by country.
"While wealth has been rising in India, not everyone has shared
in this growth. There is still considerable wealth poverty, reflected
in the fact that 92 per cent of the adult population has wealth below
USD 10,000," the report said. At the other extreme, a small
fraction of the population (just 0.5 per cent of adults) has a net
worth over USD 100,000. However, due to India's large population,
this translates into 4.2 million people. India has 340,000 adults in
the top 1 per cent of global wealth holders, which is a 0.7 per cent
share. By our estimates, the report said adding that 1,820 adults
have wealth over USD 50 million, and 760 have more than USD 100
million. According to the report, personal wealth in India is
dominated by property and other real assets, which make up 86 per
cent of estimated household assets. Personal debts are estimated to
be just 9 per cent of gross assets, overall household debt as a
proportion of assets in India is lower than in most developed
countries. "Thus, although indebtedness is a severe problem for
many poor people in India, overall household debt as a proportion of
assets in India is lower than in most developed countries," it
added. According to the eighth edition of the Global Wealth Report,
in the year to mid-2017, total global wealth rose at a rate of 6.4
per cent, the fastest pace since 2012 and reached USD 280 trillion.
The rise in global wealth reflected widespread gains in equity
markets and similar rises in non-financial assets. The report noted
fluctuations in asset prices and exchange rates account for much of
the change in household wealth across regions and countries in the
short run. Most of these influences have been positive during past 12
months, including in India, where market capitalisation rose by close
to 30 per cent, house prices by around 10 per cent, while Indian
rupee rose 4 per cent against the US dollar. Globally, Switzerland
remains the richest nation in the world in terms of wealth per adult
with USD 537,600 in 2017, followed by Australia (USD 402,600) and
United States (USD 388,000) in the second and third place
respectively, the report said.
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