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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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Hindu man lynched and set on fire in Bangladesh during anti-India protests

A Hindu man was lynched and set on fire in Bangladesh’s Mymensingh district amid rising anti-India protests after the death of a radical student leader.

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Hindu man set to fire in Bangladesh

A disturbing incident of mob violence against a minority community has been reported from Bangladesh, where a Hindu man was lynched and his body set on fire amid escalating anti-India protests following the death of a radical student leader.

Mob lynching reported from Mymensingh district

A 30-year-old Hindu man, Dipu Chandra Das, was lynched by a mob in Bhaluka Upazila of Mymensingh district after allegations surfaced that he had insulted Islam. According to media reports, the incident took place on Thursday night at an industrial area where Das was employed.

Das was accused of making derogatory remarks about Islam and Prophet Muhammad during an event organised at his workplace to mark World Arabic Language Day. The allegations spread rapidly within the factory premises and nearby areas, leading to heightened tension.

Eyewitness accounts cited in media reports said Das was assaulted by an angry crowd and died on the spot. After his death, the mob allegedly tied his body to a tree, beat it while raising slogans, and later set it on fire.

Body burnt at multiple locations, traffic disrupted

The violence did not stop there. Reports suggest the mob later moved Das’s body to a nearby bus stand area and again set it ablaze. Subsequently, the body was taken to the Dhaka–Mymensingh highway, where it was burned once more, leading to panic among locals and a temporary disruption of traffic on the busy stretch.

Confirming the incident, the local administration said a person was killed following allegations of insulting the Prophet. Officials added that the body has been taken into police custody and the situation is being monitored.

Interim government condemns violence

The lynching took place against the backdrop of widespread protests across Bangladesh following the death of Sharif Osman Hadi, a prominent leader linked to the July Uprising. The Muhammad Yunus-led interim government strongly condemned the killing, stating that there is no place for such violence in the country.

In an official statement, the government appealed to citizens to reject hatred and violence, stressing that those responsible for the crime would not be spared.

Anti-India sentiment intensifies after Hadi’s death

Tensions have been high in Bangladesh since Hadi’s death, with protests, vandalism and arson reported in several cities. Demonstrators targeted prominent media offices and symbolic locations linked to the country’s political history.

Hadi was known for his sharp criticism of India and the former prime minister, whose government was ousted during last year’s uprising. Groups formed after the political upheaval have been actively mobilising street protests and campaigns that fuel anti-India sentiment, particularly after the former premier went into exile in India.

The lynching of Dipu Chandra Das has further raised concerns over the safety of minority communities amid the ongoing unrest in the country.

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Bangladesh rocked by violent protests after student leader Sharif Osman Hadi’s death, anti-India slogans raised

Bangladesh has witnessed widespread violence and protests following the death of student leader Sharif Osman Hadi, with arson, anti-India slogans and a nationwide security clampdown.

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Bangladesh

Violent protests erupted across Bangladesh after the death of student leader and political figure Sharif Osman Hadi, triggering fresh instability in the country and a sharp rise in anti-India sentiment. The situation turned volatile in Dhaka and several other cities as thousands of demonstrators poured onto the streets demanding swift action against those responsible for his killing.

Hadi, 32, was shot in the head by masked assailants while launching his election campaign in Dhaka last Friday. He was later airlifted to Singapore for treatment, where he succumbed to his injuries. Known for his polarising views and strong anti-India rhetoric, Hadi had emerged as a prominent face during the 2024 student uprising that led to the ouster of former prime minister Sheikh Hasina.

Fires, arson and tense streets in Dhaka

Soon after news of Hadi’s death broke, protests intensified in the Bangladeshi capital. Several buildings, including those housing leading media organisations, were set on fire, with authorities confirming that staff members were trapped inside during the blaze. Fire services later said the situation was brought under control, while security forces were deployed in large numbers to prevent further violence.

Demonstrators were seen chanting slogans invoking Hadi’s name, vowing to continue protests until those behind the attack were arrested. Multiple areas in Dhaka remained tense late into the night as police and paramilitary units attempted to restore order.

Protests spread, Indian mission targeted in Chittagong

Violence was not limited to the capital. In the port city of Chittagong, protesters gathered outside the Indian Assistant High Commission, raising anti-India slogans amid heightened anger on the streets. Similar unrest was reported from other parts of the country, signalling the widening scale of the crisis.

In Rajshahi, demonstrators torched Bangabandhu Sheikh Mujibur Rahman’s residence and an Awami League office, causing extensive damage. Authorities have not yet released a detailed assessment of losses, but security has been tightened across sensitive locations.

Anti-India sentiment deepens diplomatic strain

The latest unrest comes amid deteriorating ties between India and Bangladesh following Sheikh Hasina’s flight to Delhi. Earlier in the week, protesters under the banner of “July Oikya” marched towards the Indian High Commission in Dhaka, demanding Hasina’s return and raising hostile slogans against India.

India has formally conveyed its concerns to Dhaka over threats to its diplomatic missions and inflammatory statements by Bangladeshi political figures. New Delhi has rejected allegations linking India to the attack on Hadi, calling such claims false and misleading.

Yunus calls for calm, state mourning announced

In a televised address, interim chief Muhammad Yunus described Hadi’s death as an “irreparable loss” to Bangladesh’s political and democratic space. He urged citizens to exercise restraint, warning that continued violence could derail the country’s path towards a credible election.

The interim administration has announced a day of state mourning in Hadi’s honour, with national flags to fly at half-mast and special prayers planned nationwide. Bangladesh has been under an interim government led by Yunus since August 2024, with national elections scheduled for February 12.

India issues advisory for its nationals

Amid the unrest, the Indian High Commission in Dhaka issued an advisory asking Indian nationals in Bangladesh to avoid non-essential travel and limit movement outside their residences. Emergency contact details of Indian missions have been shared for assistance.

Manhunt launched for attackers

Bangladesh police have launched a manhunt for those behind Hadi’s killing, releasing photographs of two suspects and announcing a reward of five million taka for information leading to their arrest. Yunus has described the attack as a premeditated attempt by a powerful network to sabotage the electoral process.

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India closes two more visa centres in Bangladesh amid worsening security concerns

India has temporarily closed visa application centres in Rajshahi and Khulna, citing security concerns following protests near Indian establishments in Bangladesh.

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India closes two more visa centres in Bangladesh amid worsening security concerns

India has shut two additional Indian Visa Application Centres (IVACs) in Bangladesh — in Rajshahi and Khulna — citing the prevailing security situation in the country. The move comes a day after protests were held near the Indian High Commission in Dhaka by radical groups, raising concerns over safety around Indian establishments.

An official notification issued on the IVAC website said the centres in Rajshahi and Khulna were closed on December 18 due to security reasons. Applicants who had appointments scheduled for the day have been assured fresh slots at a later date.

The decision follows the temporary shutdown of the visa application centre in Dhaka earlier, even as New Delhi flagged a rise in open hostility towards India, particularly targeting the northeastern region, under the interim government led by Muhammad Yunus.

Bangladesh rejects India’s security assessment

Bangladesh’s Foreign Affairs Advisor Touhid Hossain dismissed India’s concerns and denied any deterioration in law and order. He distanced the interim administration from recent inflammatory remarks made by National Citizen Party (NCP) leader Hasnat Abdullah, who had publicly threatened to cut off India’s “seven sisters” and also issued comments against the Indian High Commissioner.

Hossain said the individual was not part of the government and termed his statements irrelevant. He also claimed that security arrangements were in place and that the shutdown of the Dhaka visa centre coincided with a local programme, which raised security-related questions.

Political backdrop and India’s response

The NCP, which emerged from student-led protests that led to the fall of the previous Awami League government, has extended support to the Yunus-led interim setup. Though the party has limited political presence, radical elements associated with it have organised anti-India demonstrations in Dhaka.

India, in an earlier statement, urged the interim government to ensure internal law and order and hold peaceful elections so that Bangladesh can return to an elected administration. However, the interim government appeared dismissive of this advice, with Hossain stating that India need not advise Dhaka on conducting elections.

Observers in Bangladesh have pointed out that delays in elections could benefit the unelected interim government, while radical groups may attempt to create disruptions by projecting India as a hostile actor. New Delhi has so far maintained a measured stance, despite remarks that directly question India’s sovereignty and territorial integrity, particularly in the northeastern region.

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