Average Indian worth $7,020, Chinese at $47,810 |
India created 7,300 more millionaires during the 12 months to mid-2018, and the total number of dollar-millionaires is now 343,000, who are collectively worth around $6 trillion. A report by Credit Suisse says that the wealth per adult stayed flat at $ 7,020 (around Rs 515,970) as against $47,810 in China (Rs 35.14 lakh). Switzerland remains the richest nation in the world in terms of wealth per adult with $530,240 in mid-2018, followed by Australia ($ 411,060), withSingapore ($ 283,120) ranking ninth among major economies. Wealth is on the rise in India, but not everyone is sharing it. India still has considerable wealth poverty, reflected in the fact that 91 per cent of the adult population has wealth below $ 10,000 (around Rs 735,000). A small fraction of the population (0.6 per cent of adults) has a net worth over $ 100,000 (Rs 73,50,000). The country has 404,000 adults in the top one per cent of global wealth holders, which is a 0.8 per cent share. By our estimates, 3,400 adults have wealth over $ 50 million (Rs 367.5 crore), and 1,500 have more than $ 100 million (Rs 735 crore). Credit Suisse has estimated that India could host 526,000 millionaires, an increase of more than 53 per cent or 8.9 per cent per annum.
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