Covid leaves Indian adults poorer by 6.1% in 2020: Credit Suisse

The drop in the wealth of Indian adults in 2020, according to Credit Suisse, was amplified by exchange rate depreciation

Covid-19 pandemic that brought life to a near standstill in 2020 has left Indian adults poorer by 6.1 per cent in 2020, suggests the Credit Suisse Global Wealth Report 2021. Wealth per Indian adult in 2020, according to the report, dropped to $14,252 by 2020-end compared to pre-pandemic levels. On a cumulative basis, Credit Suisse estimates the drop in the wealth of Indian adults at $594 billion.

“In real terms, the average wealth level in India in 2020 was at a level seen in the United States 70 years ago. In the next five years, wealth per Indian adult will