86% of India’s household assets consists of property and real assets
Property and real assets make up 86% of household assets in India, shows a study titled ‘The Credit Suisse Global Wealth Report’. Also, the number of millionaires in India, which is 1.82 lakh at present, is expected to grow 3.02 lakh by 2018.
“As the world’s largest democracy with a strong federal structure and vibrant markets, India has seen rapid growth in wealth since the year 2000. Wealth per adult rose from USD 2,000 in 2000 to USD 4,700 in 2013, but the 35% rise in the adult population caused aggregate wealth to more than triple during the same period. India has 254,000 members of the top 1% of global wealth holders, which equates to a 0.5% share. There are 1,760 UHNW individuals with wealth over USD 50 million and 770 with more than USD 100 million,” states the report.
Key highlights of the report:
- Global wealth has reached a new all-time
high of USD 241 trillion, up 4.9% since last year and 68% since 2003, with
the USA accounting for 72% of the latest increase.
- Global wealth is expected to rise nearly
40% over the next five years, reaching USD 334 trillion by 2018. Emerging
markets are responsible for 29% of that growth. China is expected to account
for nearly 50% of the increase in emerging economies’ wealth.
- Average wealth hit a new peak of USD
51,600 per adult, but inequality remains high, with the top 10% of the
world population owning 86% of global wealth, compared to barely 1% for
the bottom half of all adults.
- Individuals in China and India have a
relatively high probability to be upwardly mobile as a result of the high
economic growth in these countries.
- Wealth per adult rose from USD 2,000 in
2000 to USD 4,700 in 2013 in India, but the 35% rise in the adult
population caused aggregate wealth to more than triple during the same
period.
- The USA has by far the greatest number
of members of the top 1% global wealth group, and accounts for 42% of the
world’s millionaires.
- In Japan, the proportion of the
population with wealth above USD 100,000 is over six times the global
average.
- Due to a high savings rate and
relatively well developed financial institutions, a high proportion (46%)
of Chinese household assets are in financial form compared with other
major developing or transition countries.
- In some respects, the pattern of wealth
holdings in Canada resembles that in the USA: in both countries, for
example, financial assets account for more than half of household wealth.
