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Wealth per adult in India at $7,020, China at $47,810
Why is it in the news ?
- As per the Credit Suisse report, India created a whopping 7,300 more millionaires during the 12 months to mid-2018.
- The total number of dollar-millionaires goes to 343,000, who are collectively worth around $6 trillion.
More in the news
- The wealth per adult stayed flat at $ 7,020 (around Rs 515,970) as against $47,810 in China (Rs 35.14 lakh).
- Globally, 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).
- The country has 404,000 adults in the top one per cent of global wealth holders, which is a 0.8 per cent share.
- Personal wealth in India is dominated by property and other real assets, which make up 91 per cent of estimated household assets.
- Over the 12 months, non-financial assets grew by 4.3 per cent, accounting for all of the wealth growth in India.
Disparity
- 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 91 per cent of the adult population has wealth below $ 10,000 (around Rs 735,000).
- At the other extreme, a small fraction of the population (0.6 per cent of adults) has a net worth over $ 100,000 (Rs 73,50,000).
- However, owing to India’s large population, this translates into 4.8 million people.
Source
The Indian Express