China To Welcome New Millionaires At A Rate Faster Than United States

Wealth per adult in India at,020 China at,810

House-price movements are a proxy for the non- financial component of household assets, which reached a high of 9 per cent for the country. 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. Much of the year-on-year variation in wealth levels can be traced to changes in asset prices and exchange rates and had the heaviest impact in Latin America and parts of Asia Pacific.

"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 United States dollars 50 million, while 1,500 of them have wealth over USD 100 million each. The number of wealthy people is predicted to reach an all-time high of 55 million within a period of five years.

"By mid-2018, there were an estimated 3,43,000 millionaires in India, a rise of 7,300", the report said, adding of these, 3,400 have wealth over $50 million, while 1,500 of them have wealth over $100 million each.

Wealth per adult grew by 3.2 per cent, raising global mean wealth to a record US$63,100 per adult.

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

The benefits of India's economic prosperity has gone to just 0.6 per cent of the population, who enjoy a net worth of $1,00,000, according to Credit Suisse's latest global report on wealth inequality.

During the 12 months to mid-2018, aggregate global wealth rose by 14.0 trillion US dollars (4.6 percent) to a combined total of 317 trillion USA dollars, outpacing population growth.

Credit Suisse found that the personal wealth of Indians was largely dominated by property and other real assets, which made up 91% of estimated household assets.

Switzerland remains the richest nation in the world with its wealth per adult of US$530,240, followed by Australia with US$411,060.

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The U.S. capped its 10th straight year of household wealth growth and is set to remain as the world's biggest hub for rich individuals even as China starts to close the gap, according to Credit Suisse Group AG.

China has become the world's second-largest economy by GDP and has moved into second position based on total household wealth, replacing Japan.

Global wealth grew by 4.6 per cent, or $14 trillion, to $317 trillion during the same period.

"The Asia-Pacific countries continue to make significant contribution to the global high-net-worth wealth pool, with China, Japan, Australia, (South) Korea and Taiwan making up more than 8.8 million millionaires, representing over 20 per cent of the global total", Mr Woods said.

Non-financial assets were the main growth drivers in all regions except North America, and accounted for 75% of wealth growth in China and Europe, and 100% in India.

It also said that while wealth has been rising here, not everyone has shared in this growth.

The recent spate of the Indian Rupee may have made living hard for the average Indian, but it doesn't seem to denting the wealth of wealthy Indians by any bit.

By 2023, the wealth of Indian millionaires is expected to grow by 8 per cent per annum to reach $8.8 trillion with an estimated 5,26,000 millionaires, an increase of more than 53 per cent or 8.9 per cent per annum.

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