INDIA IS HOME TO 2.45 L MILLIONAIRES
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.