Sunday, 05 April, 2020

India's millionaires now worth $6 trn; 7300 new names in rich club

Over 90% of Indians Enjoy Personal Wealth of Less than $10,000 Credit Suisse Report India's millionaires now worth $6 trn; 7300 new names in rich club
Ginger Lawrence | 21 October, 2018, 09:58

The report also said aggregate global wealth rose 4.6 per cent to US$317 trillion in the same 12-month period, outpacing population growth.

"The United States and China are the obvious outperformers and drivers of wealth growth, despite rising trade tensions", noted John Woods, Credit Suisse's chief investment officer for Asia-Pacific.

By mid-2018, in dollar terms, wealth in the country grew by a modest 2.6 per cent to around $6 trillion and wealth per adult stayed flat at $7,020 mainly due to the rupee plunge against the dollar, said the agency.

Global household wealth rose 4.6 percent in the 12-month period to June 2018, helped by a strong rise in the U.S. and China, while India recorded a more modest 2.6 percent growth.

Switzerland is the richest nation in the world in terms of wealth per adult with $US530,240, followed by Australia at $US411,060, and the U.S. in third place $US403,970 among major economies. Country wise, China and India witnessed 4.6 per cent and 2.6 per cent growth, respectively, in wealth.

By mid-2018, there were an estimated 3.43 lakh millionaires in India, a rise of 7,300, and 3,400 ultra high net worth individuals with wealth over United States dollars 50 million, sixth highest in the world, after US, China, Germany, UK and Japan.

While Singapore's average debt of US$53,000, which is 16 percent of total assets, is fairly moderate for a high-wealth country, its household wealth experienced a strong increase at 7.4 percent to around US$1.3 trillion.

About 91 per cent of household assets in India comprise of property and other real assets.

Girl, 9, sells cookies outside legal pot shop
Even cars were stopping on the street to buy her cookies. "It amazed me how quickly they went", he told CBC . Seann Childs said Elina Childs sold 30 boxes of cookies in less than 45 minutes, making $120.

Women now account for an estimated 40% of global wealth overall, their share of wealth having grown considerably during the 20 century, but potentially having stalled since 2000.

Separately Credit Suisse has made a rating of countries by the number of rich people, which includes individuals with a fortune of over 50 million dollars.

"By mid-2018, there were an estimated 343,000 millionaires in India, a rise of 7,300", Credit Suisse's 2018 global wealth report said, adding of these, 3,400 have wealth over $50 million, while 1,500 of them have wealth over $100 million each.

"There is still considerable wealth poverty, reflected in the fact that 91 per cent of the adult population has wealth below $10,000", the report said.

This continues its unbroken run of growth in both total wealth and wealth per adult every year since 2008. Although there remains a wealth gap between men and women globally, in some places much more marked than others, that gap has narrowed significantly over the years and is expected to continue doing so as more women access education and participate in the labor market.

China has become the world's second-largest economy by GDP and has moved into second position based on total household wealth, replacing Japan.

Global wealth is projected to rise by almost 26 percent or 4.7 percent per annum over the next five years, reaching $399 trillion by 2023.

CSRI estimates India's wealth to grow at eight per cent per annum to $8.8 trillion by 2023. "The main outcome of the new wealth valuations is confirmation of what many observers already suspected, that China is now clearly established in second place in the world wealth hierarchy", the report said.