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India added 7300 millionaires in a year, 91 percent have less than Rs7,30,000 wealth

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India added 7300 millionaires in a year, 91 percent have less than Rs7,30,000 wealth

India added 7,300 more millionaires in 12 months to mid-2018, taking the total number of dollar-millionaires to 343,000, says the latest Credit Suisse Research Institute’s 2018 Global Wealth Report.

However, the wealth per adult stayed flat at $ 7,020 (around Rs 515,970) as against $47,810 in China (Rs 35.14 lakh), says the report.

The term wealth is defined as the value of financial assets (such as stocks and fixed interest instruments) plus real assets (such as property and gold) owned by the households, minus their debts.

Interestingly, personal wealth in India was dominated by property and other real assets, which make up 91 percent of estimated household assets. Over the 12 months, non-financial assets grew by 4.3 percent, accounting for all of the wealth growth in India.

House-price movements are a proxy for the non-financial component of household assets, which reached a high of 9 percent for India.

India’s wealth has been rising since the turn of the century, with the annual growth of wealth per adult averaging at 8 per cent over 2000–18, the report says.

The report highlights the lopsided growth in India. While the country ranks sixth globally in terms of the ultra-rich population — those with wealth in excess of $50 million — it is also one of the highest contributors to the world’s adult population with base-tier wealth (less than $10,000, or about Rs 730,000).

More than 90 per cent of India’s population belongs to the base tier when it comes to the distribution of wealth. In comparison, a third of China and only 28.4 per cent of the US’ adult population belong to this segment.

“Residents of India remain heavily concentrated in the bottom half of the distribution. However, the country’s high wealth inequality and immense population mean that India also has a significant number of members in the top wealth echelons,” says Credit Suisse Global Wealth Report 2018.

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.

While 91 per cent of the adult population has wealth below $10,000, the report says, “At the other extreme, a small fraction of the population (0.6 per cent of adults) has a net worth over $100,000. However, owing to India’s large population, this translates into 4.8 million people. The country has 404,000 adults in the top one per cent of global wealth holders, which is a 0.8 per cent share. By our estimates, 3,400 adults have wealth over $50 million, and 1,500 have more than $100 million.”

Prior to 2008, wealth rose strongly from $1,830 in 2000 to $5,020 in 2007. After falling 26 per cent in 2008 (on account of global financial crisis), it rebounded, and grew at an average rate of 7 per cent up to 2018, the report suggests.

“In the 12 months to mid-2018, in USD terms wealth in India grew a modest 2.6 per cent to around $ 6 trillion and wealth per adult stayed flat at $ 7,020, mainly due to currency depreciation of 6 per cent against the dollar,” it said. However, holding exchange rates constant, total wealth grew strongly at 9.7 per cent.

Personal wealth in India is dominated by property and other real assets, which make up 91 per cent of estimated household assets. Notably, it was the growth of non-financial assets by 4.3 per cent over the 12 months that accounted for all of the wealth growth in India. House-price movements are a proxy for the non-financial component of household assets, which reached a high of 9 per cent for India, it said.

“This is typical for developing countries. Personal debts are estimated to be only $840, or just 11 per cent of gross assets, even when adjustments are made for under-reporting. Although indebtedness is a severe problem for many poor people in India, overall household debt as a proportion of assets in India is lower than in most developed countries,” Credit Suisse says.

At the other extreme, is the affluent class of India – the millionaires, whose numbers, as per Credit Suisse estimates, stood at 343,000 by mid-2018, year-on-year (y-o-y) rise of 7,300. There are 3,400 ultra-high net-worth individuals in India, with wealth over $50 million – the sixth highest in the world, after US, China, Germany, United Kingdom and Japan.

Change in household wealth
Total Wealth Change in total wealth Wealth per adult
2018 2017-18 2017-18 2018 2017-18
USD bn USD bn % USD %
Africa 2,553 108 4.4 4,138 1.5
Asia-Pacific 56,715 929 1.7 48,119 0
China 51,874 2,266 4.6 47,810 4
Europe 85,402 4,432 5.5 1,44,903 5.4
India 5,972 151 2.6 7,024 0.7
Latin America 8,055 (415) (4.9) 18,605 (6.5)
North America 1,06,513 6,486 6.5 3,91,690 5.5
WORLD 3,17,084 13,958 4.6 63,100 3.2
Source: Credit Suisse Global Wealth Report 2018

 

In the next five years to 2023, Credit Suisse estimates the wealth in India to grow by 8 per cent per annum to reach $8.8 trillion. India could be home to 526,000 millionaires, an increase of over 53 per cent or 8.9 per cent per annum.

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.

GLOBAL VIEW

The aggregate global wealth grew nearly 4.6 per cent, or $14 trillion, in the last 12 months till 2018-mid to $317 trillion – outpacing the growth in population, the Credit Suisse report says. Wealth per adult, as a result, grew at a record 3.2 per cent during this period to $63,100 per adult.

The US contributed most to global wealth, adding $6.3 trillion, taking its total to $98 trillion.

China, according to the report, now has the second largest household wealth, having added $2.3 trillion to reach $52 trillion – and is projected to grow by a further $23 trillion in the next five years, taking its share of global wealth from 16 per cent in 2018 to just above 19 per cent in 2023.

“China is now clearly established in second place in the world wealth hierarchy. Our revised figures suggest that China overtook Japan with respect to the number of ultra-high net worth (UHNW) individuals in 2009, total wealth in 2011, and the number of millionaires in 2014,” the Credit Suisse report says.

Switzerland remains the richest nation in the world in terms of wealth per adult with $530,240 in mid-2018, followed by Australia ($ 411,060), with Singapore ($ 283,120) ranking ninth among major economies.

Global wealth is projected to rise by nearly 26 percent or 4.7 percent per annum over the next five years, reaching $399 trillion by 2023.

Emerging markets wealth will grow at a faster rate of 7.3 percent per annum and will be responsible for 32 percent of the growth, despite accounting for just 21 percent of the current wealth.

Wealth in Asia-Pacific is expected to grow by 5.9 percent per annum or 33.1 percent to reach $153 trillion in 2023.

In Asia-Pacific, the number of millionaires is expected to rise 7.6 percent per annum to reach 15 million in 2023, while the UHNW (ultra high networth wealth) segment is forecast to grow to around 58,300 at 8 percent annually, with 46 percent in China.

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Suicide bombing at Islamabad imambargah kills 69, over 160 injured

At least 69 people were killed after a suicide bomber detonated explosives at a Shia shrine in Islamabad’s Shehzad Town area, triggering a city-wide emergency.

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Suicide bombing at Islamabad Shrine

A suicide bombing at a Shia place of worship in Pakistan’s capital Islamabad left at least 69 people dead and more than 160 injured on Friday, according to media reports.

The explosion took place at Tarlai Imambargah, located in the Shehzad Town area, when a suicide bomber detonated explosives near the main gate of the shrine during afternoon hours.

Attacker stopped at entrance, officials say

Security officials were quoted as saying that the attacker was intercepted by guards at the entrance, preventing him from entering the main hall where worshippers had gathered. Despite this, the blast caused extensive damage to the gate and nearby structures.

Visuals from the scene showed shattered windows of surrounding buildings and debris scattered across the road following the explosion.

Emergency declared, injured shifted to hospitals

Following the blast, the Islamabad Inspector General of Police declared a city-wide emergency, as rescue and law enforcement teams rushed to the site amid fears of high casualties.

The injured were shifted to Pakistan Institute of Medical Sciences (PIMS) and Polyclinic Hospital for treatment.

Prime minister condemns attack

Pakistan Prime Minister Shehbaz Sharif expressed deep grief over the attack and strongly condemned the bombing at the Shiite mosque in Islamabad.

In a statement, he said the incident was a tragic act of violence and offered condolences to the families of those killed. Official statements noted that dozens were injured in the attack, with treatment ongoing at city hospitals.

Previous attack referenced

The incident comes less than three months after a suicide blast outside a district and sessions court building in Islamabad on November 11, 2025, in which 12 people were killed and over 30 injured.

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Suicide bombing at Islamabad shrine kills 10, over 20 injured

A suicide bombing at a Shia shrine in Islamabad’s Shehzad Town area killed at least 10 people and injured over 20, prompting a city-wide emergency.

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Suicide bombing at Islamabad Shrine

At least 10 people were killed and around 20 others sustained injuries after a suicide bomber detonated explosives at a Shia shrine in Pakistan’s capital, Islamabad, on Friday afternoon.

The explosion took place at Tarlai Imambargah, located in the Shehzad Town area, when the attacker set off the device at the main entrance of the place of worship, where devotees had gathered.

Bomber stopped at entrance, say officials

Security officials said alert guards intercepted the attacker at the gate, preventing him from entering the main hall of the shrine. The timely action is believed to have reduced the scale of casualties inside the premises.

However, the blast caused significant damage to the gate structure. Visuals from the site showed shattered windows of nearby buildings and debris scattered across the road following the explosion.

Emergency declared across Islamabad

In the aftermath of the attack, the Islamabad Inspector General of Police declared a city-wide emergency. Rescue teams and law enforcement personnel rushed to the site amid concerns that the casualty count could rise.

The injured were shifted to Pakistan Institute of Medical Sciences (PIMS) and Polyclinic Hospital for treatment.

Recent history of suicide attacks in the capital

The incident comes less than three months after a suicide bombing outside a district and sessions court building in Islamabad on November 11, 2025, which killed 12 people and injured more than 30 others, raising renewed concerns over security in the capital.

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Bangladesh rushes to finalise US trade deal after India secures lower tariffs

Bangladesh is accelerating talks with the US to finalise a trade agreement after India secured lower tariffs, raising concerns over export competitiveness and transparency.

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Bangladesh is moving quickly to finalise a trade agreement with the United States after India concluded a deal with Washington that lowered tariffs on Indian goods to 18 per cent. The development has triggered concern in Dhaka that Bangladesh could lose market share in the US if it fails to secure comparable or better terms.

The US and Bangladesh are expected to sign the agreement on February 9, just three days before the country’s national election scheduled for February 12. The timing and lack of transparency surrounding the deal have drawn criticism from economists, business leaders and political observers.

Bangladesh’s economy is heavily dependent on ready-made garment exports, which account for nearly 90 per cent of its exports to the US. Any tariff disadvantage compared to India could significantly impact export orders and employment in the sector.

Tariff cuts under negotiation

The proposed agreement follows a series of tariff revisions imposed by Washington. In April 2025, the US imposed a steep 37 per cent tariff on Bangladeshi goods. This was reduced to 35 per cent in July and further lowered to 20 per cent in August.

According to reports, the upcoming deal is expected to bring tariffs down further to around 15 per cent. Officials see this as critical to keeping Bangladeshi exports competitive against Indian products in the US market.

Secrecy around negotiations raises concerns

Concerns have intensified due to the confidential nature of the negotiations. In mid-2025, the interim government led by Muhammad Yunus signed a formal non-disclosure agreement with the US, committing to keep tariff and trade discussions confidential.

No draft of the agreement has been shared with the public, parliament or industry stakeholders. A commerce adviser had earlier stated that the deal would not go against national interests and could be made public with US consent.

Policy experts, however, argue that the lack of disclosure prevents meaningful debate on the agreement’s long-term implications.

Conditions reportedly linked to the deal

Media reports suggest that the agreement may include several conditions. These include reducing imports from China, increasing military procurement from the US, and allowing American goods easier access to the Bangladeshi market.

It is also reported that Bangladesh may be required to accept US standards and certifications without additional scrutiny. Inspections on US vehicle imports and parts could reportedly be eased to facilitate smoother entry into the local market.

A senior policy analyst described the process as opaque, noting that signing the agreement just days before elections could bind the hands of the next elected government.

Garment industry left in the dark

Bangladesh exports garments and textiles worth between $7 billion and $8.4 billion annually to the US, accounting for nearly 96 per cent of its total exports to the American market. In comparison, Bangladesh imports around $2 billion worth of goods from the US.

With India and Bangladesh exporting similar apparel products, lower tariffs for India could shift US buyers towards Indian suppliers. Industry leaders warn that this could put millions of jobs at risk in Bangladesh’s garment sector, which employs 4 to 5 million workers, most of them women.

The sector contributes over 80 per cent of Bangladesh’s export earnings and nearly 20 per cent of its GDP.

A senior garment exporters’ association official said the agreement carries major implications and should ideally have been signed after the election to allow broader political and public discussion.

Political timing draws criticism

Economists and analysts have also questioned why an unelected interim administration is finalising a major trade agreement so close to national elections. They argue that responsibility for implementing the deal will fall on the incoming elected government.

A prominent economist criticised the process as lacking transparency and warned that the country could be pushed into long-term commitments without adequate scrutiny or public consent.

Meanwhile, US diplomats have indicated openness to engaging with various political forces in Bangladesh, including Jamaat-e-Islami, which has been banned multiple times in the country’s history.

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