On October 21,2019 financial services company Credit Suisse released the 10th edition of the 2019 Credit Suisse Global Wealth Report. The report is as follows:
Report on India:
- India became the fastest wealth creator in the world in 2019, with household wealth in dollar terms growing faster by 5.2%than any other region. Total wealth in India increased 4 times between 2000 and 2019. India also ranked 5th globally in terms of the number of ultra-high net worth individuals.
- Net wealth per adult grew at 3.3%, but slower than the average of 11% growth rate reported in the 20 years till 2019. Wealth per Indian adult was at $14,569. However, the average number is skewed (suddenly changed) heavily by a few wealthy individuals.
- Indian millionaires: India accounted for 2% of the world’s millionaires. At the other extreme, 1,790 adults have wealth over $100 million.
- 78% of India’s adult population has wealth below $10,000, while 1.8% of India’s population has more than $100,000.
- Despite India being one of the fastest wealth creator in the world, the wealth creation process however slowed down due to the slowdown in India’s economy which is 6 years low.
- India’s non-financial assets: The non-financial assets of India grew by 6.9% in 2018-19.
- Asset prices: In 2018-19, Indian asset prices grew at a slower pace of around 6% but were favourable due to fluctuations in foreign exchange. Average physical assets amounted to about $13,000 while it was $3,000 in financial assets. Debt also accounts to $1,345 per adult.
- Household wealth increase: There was an increase in household wealth, which was mainly due to the rise in home prices.
- The United States (US), China and Europe contributed the most towards global wealth growth and topped with $3.8 trillion, $1.9 trillion and $1.1 trillion respectively. Also the global wealth during the past year grew by 2.6% to $360 trillion and wealth per adult reached a new record high of $70,850.
- Asia Pacific: Total household wealth in Asia Pacific (including China and India) was $141,219 billion in mid-2019, thus making the Asia Pacific region, the highest contributor of wealth out of all regions. The household wealth is also expected to increase further by 33% to $188,000 billion in 2024.
- The number of millionaires in the world grew to nearly 47 million over the past year, and they now own close to half of the world’s wealth, which is 44% of the world’s total wealth.
About Credit Suisse:
- Founded- 1856.
- Headquarters- Zurich, Switzerland.
- Chief Executive Officer(CEO)- Tidjane Thiam.