Indian Millionaires to Increase by 53% to 84,000 by 2017: Credit Suisse

According to a global wealth report by Credit Suisse, Indian millionaires are expected to increase by 53% to 84,000 by 2017. The report reveals that, number of Indian millionaires in emerging economies are expected to jump substantially in the next five years. Further, it shows that China would see its number of millionaires double to almost 2 million by 2017.

The wealth report tells that, while wealth has been rising strongly and wealthy and middle-class have been expanding, there is still a great deal of poverty. About 95% of Indians have wealth below $10,000 and only a small portion of the population has a net worth over $1,00,000.

According to the Credit Suisse – a research institute on global wealth, India has 2,37,000 individuals of top 1% of world-wide wealth holders. There are 1,500 members under net worth individuals with a wealth over USD 50 million and 700 HNI’s with more than USD 100 million.

Despite the recession in 2007, world-wide household wealth has grown strongly over the past ten years. A similar kind of up-trend was seen in India, where aggregate wealth had tripled during 2000-2011. Thus, household wealth, would expected to rise by 50% in the next five years from USD 223 trillion to USD 330 trillion in 2017. Moreover, the number of global millionaires expected to reach 46 million in 2017.

Source: Financial Express