The mean wealth in India is estimated at $7,020 per adult, while the median wealth is even lower at $1,289 per adult. India has an adult population of 850 million, second only to China, which has 1,085 million. However, the mean wealth per adult in China is $47,810 and the median wealth is $16,333, the report says.
India had one of the highest proportion of female billionaires at 18.6 per cent. However, the women’s share of wealth in India was significantly lower (between 20-30 per cent) compared to global average of 40 per cent
For the 12 months to June 2018, India’s wealth grew at a modest pace of 2.6 per cent to $6 trillion. On the other hand, global wealth grew by 4.6 per cent, or $14 trillion, to $317 trillion. Slower growth in India was on account of the weakness in domestic currency. For the period under consideration, the rupee depreciated by six per cent against the dollar. In constant currency terms, growth in India’s total wealth was a respectable 9.7 per cent.
An Oxfam report earlier this year had said 73 per cent of the wealth generated last year went to the richest 1 per cent, while 670 million Indians who comprise the poorest half of the population saw 1 per cent increase in their wealth.
According to Credit Suisse, around 90 per cent of India’s household assets comprise property and other non-financial items.
Therefore, the house price movement is considered to be the proxy for India’s wealth growth.
By 2023, India’s wealth is projected to grow at 8 per cent a year to $8.8 trillion. The number of millionaires in India is estimated to grow at a slightly faster pace of 9 per cent per annum to 526,000 in the next five years.
In the past 12 months, the number of millionaires in India grew by 7,300 to 343,000. Meanwhile, the number of ultra-rich — those with wealth of over $50 million — stood at 3,400, the sixth-highest in the world after the US, China, Germany, UK and Japan.
According to the wealth study, among major economies, India had one of the highest proportion of female billionaires at 18.6 per cent. However, the women’s share of wealth in India was significantly lower (between 20-30 per cent) compared to global average of 40 per cent.
In the past 12 months, the US made the highest contribution to the global wealth growth. It added $6.3 trillion, taking its total wealth to $98 trillion. US’ total wealth and the wealth per adult have increased every year since 2008. China’s wealth rose by $2.3 trillion to $52 trillion. China’s wealth is projected to grow by a further $23 trillion in the next five years. Its share of global wealth is projected to increase from 16 per cent in 2018 to more than 19 per cent in 2023.