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

21 October, 2018, 09:57 | Author: Regina Silva
  • Crazy rich Indians! 7,300 more millionaires added in one year their collective wealth rises to $6 trillion

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

Credit Suisse projections for overall global wealth predict an nearly 4.7 percent per annum rise over the next five years to reach US$399 trillion by 2023.

Switzerland remained the richest nation in the world in terms of wealth per adult at $530,240 in mid-2018, followed by Australia ($411,060), with Singapore (USD 283,120) ranking ninth. During the reporting period too, the U.S. contributed the most to global wealth, adding an United States dollars 6.3 trillion, taking the total to USD 98 trillion.

Currency depreciation against the U.S. dollar also affected wealth trends in some major regional economies, such as Australia and India.

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.

India created a whopping 7,300 more millionaires during the 12 months to mid-2018, taking the total number of dollar-millionaires to 343,000, who are collectively worth around $6 trillion, says a Credit Suisse report.

Global wealth grew by 4.6 per cent, or $14 trillion, to $317 trillion during the same period. Although the USA will remain a world leader in the number of millionaires, reaching as many as 20.5 million over the next five years, Credit Suisse forecasts that China will mint new seven-figure fortunes at more than three times the rate over the same period. The U.S.'s position as global leader in wealth growth comes despite China's surge, with UBS Group AG estimating a new billionaire is minted in China every two days and Asia now home to around a quarter of the people on the Bloomberg Billionaires Index, a ranking of the world's 500 richest.

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"The United States continued its unbroken spell of wealth gains since the global financial crisis, adding another $6 trillion to the stock of global wealth", Credit Suisse's annual report noted, saying that rising household wealth in the US was "seemingly relentless". 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. The U.S.is at the first place ($98, 154 trillion), China is the second ($57, 876 trillion), then there are Japan ($23,884 trillion), Germany ($14,499 trillion), the United Kingdom ($14,209 trillion), France ($13, 883 trillion), Italy ($10,569 trillion), Canada ($8,139 trillion) and Australia ($7,577 trillion).

CSRI wealth report estimates women's share of global wealth to be around 40 per cent.

The United States contributed most to global wealth adding 6.3 trillion USA dollar and taking its total to 98 trillion US dollars.

Credit Suisse forecast that the number of millionaires here will grow by 5.5 per cent per annum in the next five years to reach 239,640.

Meanwhile, China has the second-largest household wealth after adding US$2.3 trillion to reach US$52 trillion. Its share of global wealth is projected to increase from 16 per cent in 2018 to more than 19 per cent in 2023.

In Singapore alone, the number of millionaires increased by 11.2 percent in the last 12 months until mid-2018.

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