IndianEra > Business > India 5th in ‘Ultra-High’ Wealthy Individuals, Globally

India has seen major changes in the last decade period and the ever-growing modernization is projecting the country at new heights.

A latest Swiss-based Credit Suisse study said the country’s total wealth has increased four-fold to USD 12.6 trillion in 2019, during the 2000-2019 period.

With this trend, India is now the fifth country with the highest number of ultra-high net-worth individuals, globally.

As the study reports, the annual wealth per adult in India has gone up by an average of 11% during the period, touching USD 14,569 by mid-2019 after a year of moderate rise.

“Prior to 2008, wealth rose strongly, from USD 2,127 in 2000 to USD 6,378 in 2007. After falling 29% in 2008, it rebounded and grew at an average rate of 12% up to 2019,” the report said.

Property and other real assets contributed to this rise of personal wealth among adult Indians.

USD 50 Million Wealth

More into details, the report found India has 8.27 lakh adults among the top 1% of global wealth holders holding 1.6% share of the global pool. By wealth, the country is home to 4,460 adults with over USD 50 million wealth and 1,790 with more than USD 100 million.

Despite this rise in number of wealthy people, the country has still a larger proportion of people not being able to be part of the rise in overall wealth.

“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 78% of the adult population has wealth below USD 10,000,” the report added, citing 1.8% people with more than USD 100 million wealth.

The country is expected to grow further very rapidly and to add another USD 4.4 trillion to its kitty in the next five years, reflecting a 43% rise.


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Posted by IndianEra, 23/10/2019