New Delhi, Nov 14 (PTI) India's total household wealthstood at USD 5 trillion while the country is home to 2,45,000millionaires, says a Credit Suisse report.
The number of ultra rich in the country is expected torech 3,72,000 while the total household income is likely togrow by 7.5 per cent annually to touch USD 7.1 trillion by2022, the report said.
According to Credit Suisse Global Wealth Report, since2000, wealth in India has grown 9.9 per cent per annum, fasterthan the global average of 6 per cent even when taking intoaccount population growth of 2.2 per cent annually.
Moreover, India's wealth growth of USD 451 billionrepresents the 8th largest wealth gain globally by country.
"While wealth has been rising in India, not everyone hasshared in this growth. There is still considerable wealthpoverty, reflected in the fact that 92 per cent of the adultpopulation has wealth below USD 10,000," the report said.
At the other extreme, a small fraction of the population(just 0.5 per cent of adults) has a net worth over USD100,000. However, due to India's large population, thistranslates into 4.2 million people.
India has 340,000 adults in the top 1 per cent of globalwealth holders, which is a 0.7 per cent share. By ourestimates, the report said adding that 1,820 adults havewealth over USD 50 million, and 760 have more than USD 100million.
According to the report, personal wealth in India isdominated by property and other real assets, which make up 86per cent of estimated household assets.
Personal debts are estimated to be just 9 per cent ofgross assets, overall household debt as a proportion of assetsin India is lower than in most developed countries.
"Thus, although indebtedness is a severe problem for manypoor people in India, overall household debt as a proportionof assets in India is lower than in most developed countries,"it added.
According to the eighth edition of the Global WealthReport, in the year to mid-2017, total global wealth rose at arate of 6.4 per cent, the fastest pace since 2012 and reachedUSD 280 trillion.
The rise in global wealth reflected widespread gains inequity markets and similar rises in non-financial assets.
The report noted fluctuations in asset prices andexchange rates account for much of the change in householdwealth across regions and countries in the short run.
Most of these influences have been positive during past12 months, including in India, where market capitalisationrose by close to 30 per cent, house prices by around 10 percent, while Indian rupee rose 4 per cent against the USdollar.
Globally, Switzerland remains the richest nation in theworld in terms of wealth per adult with USD 537,600 in 2017,followed by Australia (USD 402,600) and United States (USD388,000) in the second and third place respectively, thereport said. PTI DRRMR.
This is unedited, unformatted feed from the Press Trust of India wire.