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India is home to 2, 45,000 millionaires, says Global Wealth Report 2017

India is home to 2, 45,000 millionaires, says Global Wealth Report 2017

New Delhi: The Global Wealth report 2017 has been released by Credit Suisse Research Institute.

According to this report, in 2017 the total wealth rose at a rate of 6.4% and reached $280 trillion. This report says that half of the world’s wealth is owned by the richest 1% of the world.

In terms of growth of wealth in India, the total household wealth of India stood at $5 trillion. Moreover, India is also home to 2, 45,000 millionaires.

Since the year 2000, India is the 8th largest wealth gain country and it has grown at 9.2% per annum. This growth is faster than the global average growth of 6%.

However, in India the personal wealth is dominated by property and other real assets. These make up to an estimation of 86% household assets.

But, there is also another side of the story where there is considerable poverty in India. This is reflected in the fact that 92% of the adult population has wealth below $10,000 annually.

When it is compared across the countries in terms of wealth gains, the United States is an unquestionable leader. US has generated more than half of the total global wealth aggregation of USD 16.7 trillion of the past 12 months.