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

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8 years ago

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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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Trump says Iran getting more serious in talks, no decision yet on major strikes

Donald Trump says Iran is becoming more serious in negotiations with the US but insists no decision has been taken on launching major military strikes against Tehran.

Published

2 days ago

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July 25, 2026

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Donald Trump

US President Donald Trump has said he has not yet decided whether to authorise major military strikes against Iran, stating that Tehran has become “more serious” in its negotiations with Washington even as tensions between the two countries remain high.

Speaking to reporters in the Oval Office on Friday, Trump said discussions with Iran were continuing and suggested diplomatic efforts were showing signs of progress.

“We’re talking to them right now. I think they’re getting more and more serious as the days go by,” Trump said, adding that no final decision had been taken on launching military action.

Trump says diplomacy remains an option

Trump said the United States remained prepared for military action if required but indicated that ongoing talks could still lead to an agreement.

“We’re locked and loaded and ready to go. But we’re talking to them, so I think while we’re talking, we’ll see what comes of it. I believe they’re very serious. They should be,” he said.

The US President also warned that Iran would face a “much higher level” of strikes if negotiations failed, while reiterating that preventing Tehran from developing a nuclear weapon remained his key red line.

The United States has said its military operations are aimed at preventing Iran from closing the strategically important Strait of Hormuz. Iran, meanwhile, has carried out retaliatory strikes on US bases, with four American service members reported killed.

Reports claim Trump discussed large-scale military operation

Trump’s remarks came after media reports suggested he met senior advisers to discuss the possibility of a large-scale military operation against Iran. Another report said he was considering a “massive attack”, although Trump did not confirm those reports during his interaction with journalists.

He also acknowledged that the prolonged conflict, which he had earlier expected to last only a few weeks, was approaching its fifth month and had become a political challenge ahead of the US midterm elections scheduled for November.

Trump issues warning over support for Iran

Trump also addressed reports claiming that Russia and China were providing intelligence or military support to Iran. He said both Chinese President Xi Jinping and Russian President Vladimir Putin had assured him they would not arm Tehran.

“I think they wouldn’t want to have me disappointed,” Trump said.

In a separate post on his Truth Social platform, Trump warned Moscow and Beijing against supplying weapons to Iran, saying such a move would not be in their interests.

He further stated that Xi had assured him during their meeting in Beijing in May that China would not provide weapons to Iran, while Putin had conveyed a similar position despite the ongoing war in Ukraine.

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India News

For second time, US strikes ship with Indian crew near Strait of Hormuz

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5 days ago

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July 22, 2026

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Strait of Hormuz

The United States Central Command (CENTCOM) has said that an oil tanker carrying Indian crew was drifting with its engine switched off near the Strait of Hormuz before it was struck by US forces.

A CENTCOM spokesperson said the vessel had stopped due to engine failure and was drifting after its crew repeatedly sought additional time to carry out repairs. US officials said the tanker was struck only after it failed to comply with directives issued by US forces enforcing a blockade on vessels allegedly transporting Iranian oil. The military said the strike was aimed at disabling the ship by targeting its engine room rather than sinking it.

The incident involved a tanker carrying Indian seafarers near the Gulf of Oman, close to the Strait of Hormuz, one of the world’s busiest maritime trade routes. The strike triggered a fire onboard, prompting rescue efforts by Omani authorities and maritime agencies. Indian authorities closely monitored the situation and coordinated with local officials regarding the welfare of the crew members.

The incident has drawn concern in India, with the government emphasising the safety of Indian nationals working aboard commercial vessels in the conflict-hit region. The Ministry of External Affairs has remained in touch with the authorities concerned as tensions between the United States and Iran continue to pose risks to international shipping.

In June, three Indian sailors were killed in a US strike on another oil tanker. The Strait of Hormuz handles a significant share of the word’s oil trade, and the latest incident has renewed concerns over the security of merchant vessels operating in the region. Maritime experts have warned that escalating hostilities could further disrupt commercial shipping and endanger civilian crews navigating one of the world’s most strategically important waterways.

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Trump announces phased tariff of up to 200% on generic drug imports, India may face impact

US President Donald Trump has announced a phased tariff plan on imported generic medicines, raising duties to 200% after three years, a move that could affect India’s pharmaceutical exports.

Published

5 days ago

on

July 22, 2026

By

Donald Trump

The United States has announced a phased tariff plan for imported generic medicines that could have implications for pharmaceutical exporters, including India. US President Donald Trump said the policy is intended to encourage companies to shift generic drug manufacturing to the United States by imposing steep tariffs after a two-year transition period.

The announcement is particularly important for India, one of the world’s largest suppliers of affordable generic medicines and a major exporter to the US market.

Trump outlines phased tariff plan

In a post on his Truth Social platform, President Trump said the new policy will take effect from August 1, 2026. Under the plan, imported generic medicines will continue to attract zero tariffs for the first two years.

Beginning in the third year, the tariff will increase to 100%, before rising further to 200% thereafter.

Trump said the measure is designed to encourage pharmaceutical companies to establish manufacturing facilities in the United States instead of relying on imports.

He added that companies choosing not to invest in US-based production during the transition period would face the higher tariff rates. According to Trump, the existing policy governing patented, branded and innovative medicines will remain unchanged.

Why India could be affected

India is widely regarded as the “pharmacy of the world” because of its large-scale production and export of generic medicines.

Indian generic drugs account for nearly 40% of the US generic medicine market by volume. According to a Global Trade Research Initiative (GTRI) report, India exported pharmaceutical products worth USD 9.7 billion to the United States during the 2024-25 financial year, representing around 38% of the country’s total pharmaceutical exports of USD 25.8 billion.

However, the immediate impact of the newly announced tariff policy on Indian pharmaceutical companies remains uncertain.

Existing trade agreement and industry concerns

India and the United States struck a trade pact in February that states India would receive negotiated outcomes regarding generic pharmaceuticals and pharmaceutical ingredients.

Despite that provision, previous tariff threats by Trump had already raised concerns within the pharmaceutical industry over the future of affordable medicine exports from India.

Indian pharmaceutical companies supply a wide range of generic medicines used to treat conditions including hypertension, diabetes, depression, cancer, infectious diseases and mental health disorders.

According to a Financial Post report cited in the source material, around 65% of birth control pill prescriptions in the United States during 2024 were manufactured by two India-based companies — Glenmark Pharmaceuticals Ltd. and Lupin Ltd.

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