New Delhi: The Reserve Bank of India may have downgraded the growth forecast in the current financial year from 7.3 per cent to 6.7 per cent, citing overall slowdown, but the rich seemed to have made quite a progress. In the final year of the Narendra Modi government, India created 7,300 new millionaires, taking India’s total tally to 3.43 lakh according to the Global Wealth Report 2018 prepared by Credit Suisse.
A handful of them have US$6 trillion
“By mid-2018, there were an estimated 3,43,000 millionaires in India, a rise of 7,300,” the Global Wealth Report said, adding that the 3,400 people who have made it to the list have wealth of over US$50 million, while 1,500 of them have wealth of over US$100 million each. By mid of 2018, the wealth in the country grew by a modest 2.6 per cent in dollars to around US$6 trillion. Although wealth per adult stayed flat at US$7,020, mainly due to the rupee plunge against the dollar, the report said.
The gap will widen more
However, there is a dark side to the story as well. “There is still considerable wealth poverty, reflected in the fact that 91 per cent of the adult population has wealth below US$10,000,” the report further added. By 2023, the wealth of Indian millionaires is expected to grow by 8 per cent per annum to reach US$8.8 trillion with an estimated 5,26,000 millionaires, an increase of more than 53 per cent or 8.9 per cent per annum. The gap between the rich and the poor will widen more in the time to come.
US leads with continued domination
The United States (US) continues to be the first home of the millionaires globally. Interestingly, the total wealth of India’s 3.43 lakh dollar millionaires’ is around US$6 trillion, while the rich in the US added US$6.3 trillion in the given period, taking the total to US$98 trillion. China is number 2 on the list with a total of US$56 trillion.
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