India's millionaires now worth $6 trn; 7300 new names in rich club

India's millionaires now worth $6 trn; 7300 new names in rich club

Country wise, China and India witnessed 4.6 per cent and 2.6 per cent growth, respectively, in wealth. For the period under consideration the rupee depreciated by six per cent against the U.S. dollar. However, emerging economies are expected to recover from their recent doldrums and to continue to catch up with developed economies over the next five years by contributing 32% of wealth growth despite accounting for just 21% of current wealth. 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 report also said aggregate global wealth rose 4.6 per cent to US$317 trillion in the same 12-month period, outpacing population growth.

"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".

Singapore is also home to around 1,000 "crazy rich" Asians - individuals with a very high net worth of more than US$50 million (S$68.9 million) in wealth. Despite concerns over trade tensions between USA and China, Credit Suisse noted a positive wealth outlook for both countries.

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.

And the number of the rich as well the inequality is set to widen by over 53 percent by 2023 when their number is set to cross an estimated 526,000 millionaires worth around $8.8 trillion. The report said 40% of global wealth is held by women. However, in case of India women's share could be significantly lower between 20 per cent and 30 per cent.

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Total wealth and wealth per adult in the US have grown every year since 2008, even when total global wealth suffered a reversal in 2014 and 2015.

The number of millionaires in Singapore grew 11.2 per cent in the 12 months to mid-2018 to 183,737 as wealth per adult rose 5.3 per cent to over US$283,000, the ninth highest in the world.

China has become the world's second-largest economy by GDP and has moved into second position based on total household wealth, replacing Japan. The country's wealth is projected to grow another US$23 trillion in the next five years to comprise 19 per cent of global wealth by 2023.

Michael Marr, the Head of the Private Bank at Credit Suisse Australia, says Australia continues to be among the wealthiest countries in the world due to the superannuation system, an unprecedented 26 years of continuous economic growth, high real estate prices, a stable currency, population growth and plentiful natural resources. "Currency depreciation against the USA dollar continues to affect wealth trends in some of the major regional economies such as Australia and India", said John Woods, chief investment officer Asia Pacific for Credit Suisse.

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.

In 2018, in United States dollars terms wealth in India grew a modest 2.6 percent to around $6 trillion and wealth per adult stayed flat at USD 7,020.

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