Desi wealthy club adds 7,300, totalling 3.43 lakh worth $6 trillion

Desi wealthy club adds 7,300, totalling 3.43 lakh worth $6 trillion thumbnail
MUMBAI: Amidst rising concern over the increasing inequality, the country created a whopping 7,300 more millionaires during the 12 months to mid-2018, taking the total number of dollar-millionaires to 3.43 lakh, who are collectively worth around USD 6 trillion, says a report.

According to Credit Suisse, the country is home to one of the highest proportions of female billionaires at 18.6 per cent during the period, among the major countries.

“By mid-2018, there were an estimated 3,43,000 millionaires in India, a rise of 7,300,” Credit Suisse’s 2018 global wealth report said, adding of these, 3,400 have wealth over USD 50 million, while 1,500 of them have wealth over USD 100 million each.

By mid-2018, in dollar terms wealth in the country grew by a modest 2.6 per cent to around USD 6 trillion and wealth per adult stayed flat at USD 7,020 mainly due to the rupee plunge against the dollar, it said.

And the number of the rich as well the inequality is set to widen by over 53 per cent by 2023 when their number is set to cross an estimated 5,26,000 millionaires worth around USD 8.8 trillion.

It said Indians’ personal wealth is dominated by property and other real assets, which make up 91 per cent of estimated household assets.

Over the past 12 months, non-financial assets grew by 4.3 per cent, accounting for all of the wealth growth in the country, it noted.



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