Adult population in India is struggling to increase their wealth and Credit Suisse reckons they should have our sympathy.
Its Global Wealth Report says while wealth has been rising in India, not everyone has shared in this growth. There's still a lot of wealth disparity among adults in the country that is home to the world's largest population of youth.
There is still considerable wealth poverty, reflected in the fact that 91% of the adult population has wealth below USD 10,000. At the other extreme, a small fraction of the population (0.6% of adults) has a net worth over USD 100,000.According to the Swiss brokerage, the country has 404,000 adults in the top 1 percent of global wealth holders.
By our estimates, 3,400 adults have wealth over USD 50 million, and 1,500 have more than USD 100 million.
Talking about the preferred investment avenues, the report says personal wealth in India is dominated by property and other real assets, which make up 91 percent of estimated household assets.
Personal debts are estimated to be only $840, or just 11 percent of gross assets, even when adjustments are made for under-reporting.
"Thus, although indebtedness is a severe problem for many poor people in India, overall household debt as a proportion of assets in India is lower than in most developed countries," the report said.
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First Published: Oct 18, 2018 11:50 AM IST
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