India At $7,020, China At $47,810 For Per Adult Wealth: Report

| October 20 , 2018 , 11:21 IST

It is a known fact that being the fastest growing economy in the World still, India has been finding the right procedure to tackle the problem of unemployed youth in the country.

According to the Credit Suisse, an Investment banking company report, till the mid-2018, India has produced 7,300 millionaires, but still lacking on the front of wealth per adult in comparison to neighbouring China.

According to the report, the wealth per adult stayed flat at $7,020 (around Rs 515,970)in India in comparison to China’s per adult wealth of $47,810 (Rs 35.14 lakh), media reported on Friday.

Switzerland with $530,240 wealth of per adult has topped the list.

Also Read: Delhi Attains 6th Position In World's Top Metropolitan Economies: Report

“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 of over $ 100,000 (Rs 73,50,000). However, owing to India’s large population, this translates into 4.8 million people,” the Credit Suisse statement reads.

"In the 12 months to mid-2018, in USD terms wealth in India grew a modest 2.6 per cent to around $ 6 trillion and wealth per adult stayed flat at $ 7,020, mainly due to currency depreciation of 6 per cent against the dollar,” it added.

The report also said that by mid- 2018 the total count of dollar millionaires has increased to 343,000 in India.

“By mid-2018, there were an estimated 343,000 millionaires in India, a rise of 7,300, and 3,400 ultra high net worth individuals with wealth over $ 50 million, sixth highest in the world, after US, China, Germany, UK and Japan. In the next five years to 2023, wealth in India is expected to grow by 8 per cent per annum to reach $ 8.8 trillion,” Credit Suisse report.