New Delhi: India's total household wealth stood at $ 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 reach 3,72,000 while the total household income is likely to grow by 7.5 per cent annually to touch $ 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.
"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 $ 10,000," the report said.
India has 340,000 adults in the top 1 per cent of global wealth holders, which is a 0.7 per cent share. By estimates, the report said adding that 1,820 adults have wealth over $ 50 million, and 760 have more than $ 100 million.
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.
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 $ 280 trillion.
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.
Globally, Switzerland remains the richest nation in the world in terms of wealth per adult with $ 537,600 in 2017, followed by Australia ($ 402,600) and United States ($ 388,000) in the second and third place respectively, the report said.
The number of ultra rich in the country is expected to reach 3,72,000 while the total household income is likely to grow by 7.5 per cent annually to touch $ 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.
"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 $ 10,000," the report said.
Advertisement
India has 340,000 adults in the top 1 per cent of global wealth holders, which is a 0.7 per cent share. By estimates, the report said adding that 1,820 adults have wealth over $ 50 million, and 760 have more than $ 100 million.
Advertisement
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.
Advertisement
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 $ 280 trillion.
Advertisement
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.
Advertisement
Globally, Switzerland remains the richest nation in the world in terms of wealth per adult with $ 537,600 in 2017, followed by Australia ($ 402,600) and United States ($ 388,000) in the second and third place respectively, the report said.
COMMENTS
Advertisement
Millionaire Barbara Corcoran Shares Why She Prefers To Fly In Economy Class: "I Get The Free Miles" "Give Him Aadhaar Card": Tech Millionaire Bryan Johnson's Post On India's Work Culture Wins Internet This US Entrepreneur With Down Syndrome Runs A Million-Dollar Sock Company Trump Says US Ownership Of Greenland Absolutely Necessary, Nation Responds Pakistan May Get 40 5th-Gen Stealth Fighter Jets From China Within 2 Years Delta Airline Passenger Gets Frustrated After His First-Class Seat Was Given To Service Dog 2 Men Dragged For 300 Metres By Truck In UP's Agra, Driver Arrested: Cops German President Urges Unity After "Dark Shadow" Of Christmas Market Attack Former US President Bill Clinton Hospitalised With Fever Track Latest News Live on NDTV.com and get news updates from India and around the world.