The number of global millionaires will increase by about 18 million reaching 46 million by 2017, with a substantial increase of 53% in the number in India touching 84,000 millionaires, over the five-year period.
The US will remain on top of the wealth league with $89 trillion by 2017, with 16.9 million millionaires, and Europe with 15.4 million, according to Credit Suisse Global Wealth Report released on Wednesday. China may see its number doubling by 2017, raising the total to almost 2 million.
At present, India has 237,000 members of the top 1% of global wealth holders, which equates to a 0.5% share worldwide. There are 1,500 UHNW (ultra high net worth) individuals with wealth over $50 million, and 700 with more than $100 million worth of assets.
India's extreme wealth inequality and immense population means that it also has a significant number of members in the top wealth echelons. The self-made billionaire percentage for the Asia-Pacific region, which (excluding China) has an overall figure of 58%, while India and Indonesia, at 42% and 53% respectively, are on the low side.
Interestingly, 95% of individuals in India have less than $10,000, whereas this percentage is only 60% in China.
While wealth has been rising strongly in India, and the ranks of the middle class and wealthy have been swelling, not everyone has shared in this growth and there is a great deal
of poverty. This is reflected in the fact that almost everyone in India (95%) has wealth below $10,000.
At the other end of the spectrum, a very small proportion of the population (just 0.3%) has a net worth over $100,000. However, due to India's large population, this translates into 2.3 million people.
In terms of single countries, the US leads by a huge margin with 37,950 UHNW individuals, equivalent to 45% of the group. The recent fortunes created in China have propelled it into second place with 4,700 representatives (5.6% of the global total), followed by Germany (4,000), Japan (3,400), United Kingdom (3,200) and Switzerland (3,050). Numbers in other BRIC countries are also rising fast, with 1,950 members in Russia and 1,500 in Brazil, and strong showings are evident in Taiwan (1,200), Hong Kong (1,100) and Turkey (1,000).
Due to the economic uncertainties, particularly those affecting the Eurozone, the report finds that from mid-2011 to mid-2012, aggregate global household wealth fell by 5.2% in current dollar terms to $223 trillion.
Furthermore, the relative stability of the US economy has led to an appreciation of the dollar against most currencies, but the impact is especially apparent in Europe, raising the aggregate wealth loss to $10.9 trillion, by far the largest contribution to the total global loss of $12.3 trillion. Asia-Pacific was the other big regional loser, shedding $1.4 trillion.
As the world's largest democracy with a strong federal structure and vibrant markets, India has seen rapid growth in wealth since the year 2000, the report says. Wealth per adult rose from $2,000 in 2000 to $5,300 in 2011. Given the 29% rise in the adult population, aggregate wealth more than tripled during the same period.
In US dollar terms, there was a significant contraction in 2008, but most of this was due to an exchange rate depreciation. The rupee took another dive in 2011-12, causing a 20% decline in wealth in dollar terms.
However, wealth per capita increased slightly measured in rupees. Adjusted for exchange rate movements, wealth growth has been quite steady since 2000, increasing at an average annual rate of 8%.
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