According to Credit Suisse, 7300 Indians entered the millionaire club during the 12 months to mid-2018. This means that there are a total of 3.43 lakh dollar-millionaires from the country, bringing their collective wealth to a whopping six trillion dollars or so.
The reports also states that, at 18.6 per cent, India also contributed to the highest proportion of female billionaires during the same period. “By mid-2018, there were an estimated 3,43,000 millionaires in India, a rise of 7300,” the Credit Suisse 2018 global wealth report stated. While around 3400 of them are worth over 50 million dollars, around 1500 of them are worth around 100 million dollars.
While the cumulative wealth in the country grew by about 2.6 per cent by mid-2018, the report also states that owing mainly due to the rupee plunge against the dollar, the wealth per adult remained at 7020 dollars. “There is still considerable wealth poverty, reflected in the fact that 91% of the adult population has wealth below $10,000,” the report stated, adding to the concerns about the growing wealth inequality.
TOI reports that Indian millionaires are set to increase their worth by around 8% per annum and reach 8.8 trillion dollars by 2023.