Billionaires growth will be 50% by 2022: Credit Suisse report
The country will see rapid growth in wealth, adding USD 2.1 trillion by 2022, an increase of 42 percent over the present level of USD close to USD 5 trillion. Total wealth here has risen fourfold between 2000 and 2017, reaching USD 5 trillion in mid-2017. Despite this and having four times the population of the US, India's total wealth is comparable to the level for the US 90 years ago.But India expected to reach USD 6 trillion in real terms by 2022.
The report further said the country would have 3,70,000 millionaires in 2022, up from 2,45,000 now, an increase of over 50 percent. The report notes that the country has 3,40,000 adults in the top 1 percent of global wealth holders, which is a 0.7 percent share. Of them, 1,820 have a net worth of over USD 50 million, and 760 have over USD 100 million. Even though personal wealth has been increasing in the country, there is a considerable wealth poverty with as many as 92 percents of the adult population having a net worth below USD 10,000, and just 0.5 percent of them have a net worth over USD 1,00,000.
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