India is getting richer with an increasing number of Indians becoming crorepatis. In fact, a recent edition of the Credit Suisse report titled, ‘Global Wealth Report 2017’ has found that India is home to 2.45 lakh millionaires.
A millionaire is an individual having networth of USD 1 million that is equivalent to Rs.6.52 crore.
These Indian millionaires have total wealth of USD 5 trillion as on 2017. The report has estimated that while the total wealth of Indians will to grow by 7.5% annually to reach USD 7.1 trillion in 2022, the number of millionaires will grow to 3.70 lakh by 2022.
Interestingly, 42 lakh people in India have wealth of at least Rs.65 lakh. However, a majority of the population in India has wealth below USD 10,000 in 2017. Stating the income disparity, the report highlighted, “While wealth has been rising in India, not everyone has shared in this growth. There is still considerable wealth poverty, reflected in the fact that 92% of the adult population has wealth below USD 10,000.”
The report further said, “The country has 3.40 lakh adults in the top 1% of global wealth holders, which is a 0.7% share. By our estimates, 1,820 adults have wealth over USD 50 million, and 760 have more than USD 100 million. Also, wealth per adult is estimated at USD 5,980 in mid-2017”, the report added.
The report has estimated that India’s total current population is 1,332 million while the adult population accounts for 835 million.
Globally, the total wealth of millionaires grew by 6.4% at USD 280 trillion in 2017.
