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Number of billionaires in India to soar by over 50% by 2022: Credit Suisse

The report further said the country would have 3,70,000 millionaires in 2022, up from 2,45,000 now, an increase of over 50 per cent

Press Trust of India  |  Mumbai 

Credit Suisse
The Credit Suisse logo is seen at the headquarters in downtown Milan, Italy

Even though personal wealth has been increasing in the country, there's a considerable wealth poverty with as many as 92 per cent of the adult population having a networth below $10,000, and just 0.5 per cent of them having a networth over $1,00,000.

But the country will see rapid growth in wealth, adding $2.1 trillion by 2022, an increase of 42 per cent over the present level of USD close to $5 trillion.

"Total wealth here has risen fourfold between 2000 and 2017, reaching $5 trillion in mid-2017. Despite this and having four times the population of the US, India's total wealth is comparable to the level for the 90 years ago.

"But we expect this to reach $6 trillion in real terms by 2022, which is comparable with the level in the in 1936," Swiss brokerage said a report.

The report further said the country would have 3,70,000 millionaires in 2022, up from 2,45,000 now, an increase of over 50 per cent.

India saw a 9.9 per cent increase in household wealth to $4.987 trillion, although its addition to total global wealth was just $451 billion in mid-2017. The aggregate global wealth rose by $16.7 trillion to $280 trillion, up 6.4 per cent.

The report notes that the country has 3,40,000 adults in the top 1 per cent of global wealth holders, which is a 0.7 per cent share. Of them 1,820 have a networth of over $50 million, and 760 have over $100 million.

The report finds share of wealth fails to match the population share as the population share exceeds the wealth share by a factor of almost 10 in the country. The average wealth per adult here is estimated at $5,980 in mid-2017.

It noted that personal wealth is dominated by property and other real assets, which make up 86 per cent of estimated household assets, while personal debt is estimated to be $376, or 9 per cent of gross assets, even when adjustments are made for under-reporting.

"But the overall household debt in the country as a proportion of assets is lower than in most of the developed countries," it said.

First Published: Tue, November 21 2017. 22:18 IST
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