IN­DIA IS HOME TO 2.45 L MIL­LION­AIRES

The Free Press Journal - - FRONT PAGE -

NEW DELHI: In­dia's to­tal house­hold wealth stood at $ 5 tril­lion while the coun­try is home to 2,45,000 mil­lion­aires, says a Credit Suisse re­port. The num­ber of ul­tra-rich is ex­pected to reach 3,72,000 while the to­tal house­hold in­come is likely to grow by 7.5 per cent an­nu­ally to touch $ 7.1 tril­lion by 2022, the re­port said. Since 2000, wealth in In­dia has grown 9.9 per cent per an­num, faster than the global av­er­age of 6 per cent, even when tak­ing into ac­count pop­u­la­tion growth of 2.2 per cent an­nu­ally. More­over, In­dia's wealth growth of USD 451 bil­lion rep­re­sents the 8th largest wealth gain glob­ally by any coun­try. "While wealth has been ris­ing in In­dia, not ev­ery­one has shared in this growth. There is still con­sid­er­able wealth poverty, re­flected in the fact that 92 per cent of the adult pop­u­la­tion has wealth be­low USD 10,000," the re­port said.

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