3.5 lakh dollar millionaires own 438 lakh crores in India, says report

Mae Love
October 21, 2018

India created a whopping 7,300 more millionaires during the 12 months to mid-2018, taking the total number of dollar-millionaires to 343,000, who are collectively worth around $6 trillion, says a Credit Suisse report.

House-price movements are a proxy for the non- financial component of household assets, which reached a high of 9 per cent for the country. While the U.S. and China are the richest countries in the world at US$98 trillion and US$52 trillion respectively, the ranking on wealth per adult places Singapore in the ninth spot, the only Asian nation with the distinction of making it in the top ten.

As many as 404,000 adults are in the top 1% of global wealth holders.

"The United States continued its unbroken spell of wealth gains since the global financial crisis, adding another $6 trillion to the stock of global wealth", Credit Suisse's annual report noted, saying that rising household wealth in the US was "seemingly relentless".

It found that the number of millionaires in Singapore grew 11.2 per cent to 183,737 in the 12 months to the middle of this year.

"China has advanced so rapidly this century that a wealth gap that once appeared unassailable could vanish within a generation", the report said.

Globally, Switzerland remains the richest nation in the world in terms of wealth per adult with $530,240 in mid-2018, followed by Australia (USD 411,060), with Singapore (USD 283,120) ranking ninth major economies.

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 United States in third place $US403,970 among major economies.

"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.

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The report noted that population growth was overtaken by aggregate global wealth, which went up by 4.6 percent to US$317 trillion in the last 12 months.

The US was the biggest contributor to global wealth as it added US$6.3 trillion, continuing its winning streak of yearly growth in total wealth and wealth per adult since 2008.

Interestingly, personal wealth in India was dominated by property and other real assets, which make up 91 percent of estimated household assets.

"Since the global financial crisis, wealth inequality has trended upward, propelled in part by the rising share of financial assets, and a strengthening United States dollar", Anthony Shorrocks, a British economist and one of the report's authors, said in a statement.

Wealth in Asia-Pacific is expected to grow by 5.9 percent per annum or 33.1 percent to reach $153 trillion in 2023.

China is home to the second largest number of wealthy households, having added $2.3 trillion to reach $52 trillion.

Non-financial assets were the main growth drivers in all regions except North America, and accounted for 75% of wealth growth in China and Europe, and 100% in India.

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. Country wise, China and India witnessed 4.6 per cent and 2.6 per cent growth, respectively, in wealth.

The average personal wealth per adult in India has risen by almost 300 per cent since 2000, but as much as 91 per cent continue to languish at the bottom of the pyramid with personal wealth of less than $10,000, according to the latest Credit Suisse report on global wealth.

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