India has 2.54 lakh members of the top 1% of global wealth holders and there are 2,080 Indians with wealth over $ 50 million and 940 own more than $ 100 million, says a Credit Suisse Global Wealth Report 2015.
Not surprisingly, the report says that 86% of Indian estimated household assets is in property and other real assets. Further, the report notes that while the wealth in India is growing, especially in the middle class segment, there is still a great deal of poverty. This is reflected in the fact that 95% of the adult population has wealth below $100,000. Also, very small proportion of the Indian population (just 0.3% or 2.4 million people) has a net worth over $100,000.
Ultra high net worth individuals
There are 1.23 lakh UHNW individuals worldwide. The report defines UHNW individuals as those whose net worth exceeds $ 50 million. Of these, 44,900 are worth at least $ 100 million and 4,500 have assets above $ 500 million.
Among individual countries, United States has the highest UHWW adults at 58,900, followed by China (9,600) and UK (5,400). India ranks 9th in this list with a 2,100 UHNW adults.
Millionaires
The report predicts that the population of millionaires will rise from the current 33,717 to 49,273 in 2020, a growth of 46%. “Among the regions, China is likely to see the largest percentage increase, with the number of millionaires increasing by 74.0%. Africa will likely be the next performing region, with millionaires rising by 73.0%, albeit from a lower base. Overall, emerging markets (low to middle-income economies) account for 6.5% of millionaires and will see their share rise to 7.4% by the end of the decade,” states the report.
The report projects that India’s millionaire population will grow from the current 1.85 lakh to 3.05 lakh in 2020, a growth of 65%.
Middle class
The net worth of the middle class in 2015 amounted to $ 80.7 trillion worldwide, or 32% of global wealth. The report says that the population of middle-class adults has risen 524 million in the year 2000 to 664 million in 2015, a rise of 140 million or 27%.
Methodology
To be a member of the middle class in 2015, an adult needs to have wealth of at least $ 28,000 in Brazil, Chile and China; $ 22,000 in South Africa and Turkey; $ 18,000 in Malaysia, Russia and Thailand; and just $ 13,700 in India.
