India's total household wealth stood at USD 5 trillion while the country is home to 2,45,000 millionaires, says a Credit Suisse report.
The number of ultra rich in the country is expected to rech 3,72,000 while the total household income is likely to grow by 7.5 per cent annually to touch USD 7.1 trillion by 2022, the report said.
According to Credit Suisse Global Wealth Report, since 2000, wealth in India has grown 9.9 per cent per annum, faster than the global average of 6 per cent even when taking into account population growth of 2.2 per cent annually.
Moreover, India's wealth growth of USD 451 billion represents the 8th largest wealth gain globally by country.
"While wealth has been rising in India, not everyone has shared in this growth. There is still considerable wealth poverty, reflected in the fact that 92 per cent of the adult population has wealth below USD 10,000," the report said.
At the other extreme, a small fraction of the population (just 0.5 per cent of adults) has a net worth over USD 100,000. However, due to India's large population, this translates into 4.2 million people.
India has 340,000 adults in the top 1 per cent of global wealth holders, which is a 0.7 per cent share. By our estimates, the report said adding that 1,820 adults have wealth over USD 50 million, and 760 have more than USD 100 million.
According to the report, personal wealth in India...