The number of USD millionaires in India could touch 12 lakh in 2024, representing an increase of 56% over the next five years, predicts the Credit Suisse Global Wealth Report 2019.
With a 56% rise in number of USD millionaires, India will be the fastest among all countries in percentage terms.
Currently, India has 8.27 lakh adults in the top 1% of global wealth holders. Nearly USD 9.36 lakh (Rs 6.65 crore) is required to belong to the top 1% of global wealth holders, the report shows.
The report further showed that 1.56 crore Indians have a net worth over USD 1 lakh (Rs 71 lakh). Nearly 4,460 adults have wealth over USD 5 crore (Rs 355 crore) and 1,790 have more than USD 10 crore (Rs 710 crore).
Currently, wealth per adult in India stands at USD 14,569 (Rs 10.34 lakh). However, this is largely because of the wealth accumulated by the rich individuals at the top of the pyramid.
“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 78% of the adult population has wealth below USD 10,000 (Rs 7.10 lakh),” the report said.