Rich India!!! How much rich India is.....

RICH INDIA!!!!! The country has 7,300 millionaires in 2017-18, wealth in the form of property and real assets.

Millionaires of India club added 7,300 in the year through mid-2018, driving up its total number of dollar-millionaires to 3,43,000, with 1,500 of them holding wealth over $100 million each, according to a Credit Suisse report. The number, which is estimated to grow to 5,26,000 by 2023, would have looked more impressive but for a 6% depreciation of the rupee against the dollar during the period.

overall household wealth (financial and non-financial like houses) in the country rose just 2.6% year-on-year, trailing 4.6% in China as well as globally. Also, while household wealth in India touched $5.97 trillion in 2017-18, it rose to $51.87 trillion in China that clearly established itself in the second spot in the global wealth hierarchy after the US.

At 18.6%, India has one of the highest female fractions among its billionaires; this list is dominated by Germany with 26%.

        

Unsurprisingly, wealth per Indian adult stood at $7,024, while China’s touched $47,810. In 2000, India had a similar number of millionaires (39,000) to China, but it now hosts just 3,43,000, one tenth of the total of China.

Last 12 months, non-financial assets in India grew 4.3%, accounting for all of the wealth growth in the country, the report said. House-price movement, with a 9% rise, remained a big driver of the non-financial component of household assets.

This report  also made a passing comparison between India and the US. Total wealth in India increased five fold since 2000 to reach almost $6 trillion in 2018. Despite this remarkable increase and also having four times the population of the US, total wealth in India is comparable to the level for the US 90 years ago. “We expect it to reach $8 trillion in real terms by 2023, the level achieved by the US in 1944,” it added actually.

Thus, although indebtedness is a severe problem for many poor in India, the share of household debt in assets is lower than in most developed countries and this a good thing for us.