India currently has 182,000 millionaires, even as 94 percent of the country's population has wealth below USD 10,000, the Credit Suisse Research Institute said in its fourth Annual Global Wealth Report 2013.
"As the world's largest democracy with a strong federal structure and vibrant markets, Indian wealth has seen rapid growth since 2000. Wealth per adult has risen by 135 percent from USD 2000 in 2000 to USD 4,700 in 2013 at an average annual rate of 8 percent," said Toral Munshi, head of India equity research at Credit Suisse.
Pointing out that wealth in India rose by 7.4 percent to USD 3.4 trillion in mid-2013, the report said wealth per adult in the country is expected to rise at a rate of 9.3 percent at USD 6,600 by 2018.
Noting that only 0.4 percent of India's population has a net worth of over USD 100,000 the report said that "however, due to the country's large population this translates into 2.8 million people".
India has 254,000 members among the top 1 percent of global wealth holders which equates to a 0.5 percent share. the report said.
India has 1,760 ultra high net worth individuals with wealth over USD 50 million and 770 UHNWIs with more than USD 100 million, the report added.
While wealth has been rising in India, not every one has been part of this growth story and there is still a great deal of poverty.
"This is reflected in the fact that 94 percent of the adult population has wealth below USD 10,000," the Credit Suisse report said.
--IANS (Posted on 09-10-2013)