New Delhi, October 21: Total wealth in India increased four-fold between 2000 and 2019, reaching $12.6 trillion in 2019, the Credit Suisse Research Institute said in its 10th edition of Global Wealth Report.
The report said India is expected to grow its wealth very rapidly and add $4.4 trillion in just five years, an increase of 43 per cent.
It said wealth per adult in India grew by an average of 11 per cent annually over the period 2000–2019. Prior to 2008, wealth rose strongly, from $2,127 in 2000 to $6,378 in 2007. After falling 29 per cent in 2008, it rebounded and grew at an average rate of 12 per cent up to 2019. Wealth per adult is estimated at $14,569 in mid-2019 after a year of moderate growth.
Personal wealth in India is dominated by property and other real assets, which make up the bulk of household assets.
The report said India has 827,000 adults in the top 1 per cent of global wealth holders, which is a 1.6 per cent share.
Credit Suisse estimates that in India, 4,460 adults have wealth over $50 million and 1,790 have more than $100 million.
India is ranked fifth globally in terms of the number of ultra-high net worth individuals.
Global wealth grew during the past year by 2.6 per cent to $360 trillion and wealth per adult reached a new record high of $70,850, 1.2 per cent above the level of mid-2018. The United States (US), China and Europe contributed the most towards global wealth growth with $3.8 trillion, $1.9 trillion and $1.1 trillion respectively.
Total household wealth in Asia Pacific (including China and India) reached $141,219 billion in mid-2019, compared to the global total wealth of $360,603 billion, making Asia Pacific the highest contributor out of all regions. During the year, China and India reported increases of 3.1 per cent and 5.2 per cent of total household wealth, respectively.
Household wealth in Asia Pacific is expected to grow by 33 per cent to reach $188,000 billion in 2024.
“Total wealth across all regions rose last year. In the 12 months to mid-2019, household wealth in Asia Pacific, including China and India, grew at a steady rate of 2.4 per cent to reach $141,219 billion, almost 40 per cent of the total global wealth, making it the biggest wealth region,” said John Woods, Credit Suisse’s Chief Investment Officer for Asia Pacific.
“While the United States continues to top the world league table, with China in second place, the relative positions are likely to be eroded as we project a 23 per cent rise in the number of millionaires in the United States, compared to a 55 per cent increase to 6.9 million for China. Millionaires in India could number 1.2 million in 2024, representing an increase of 56 per cent over the next five years,” he added.