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Wealth of India’s Super-rich decreased by 4.4% in 2020: Credit Suisse Report

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Wealth of India's super-rich slips 4-4% to $12-83 trillionAccording to the Interim Edition  of ‘Global Wealth Report 2020’ released by Credit Suisse – the overall wealth of India’s super-rich decreased by 4.4% to USD 12.83 trillion in 2020 due to fall in Rupee value.

i.The fall in value of Rupee has caused

  • Number of dollar millionaires in India to fall from 7,64,000 in 2019 to 6,98,000 in 2020.
  • Decline in cumulative wealth of India’s super-rich to USD 12.833 trillion in 2020, down by USD 594 billion or 4.4% compared to 2019.
  • Currently, India is home to 1% of the global rich list.

ii.At the global level, Global Wealth grew by 7.4% in 2020 to USD 418.3  trillion in 2020. The gains were largely attributed to growth in the US, Europe & China, while overall wealth in Latin America & India declined.

  • The number of millionaires increased by 5.2 million to 56.1 million in 2020.
  • An adult now needs over USD 1 million to belong to the Top 1% of the Global rich list, an increase from USD 988, 103 in 2019.

iii.The Global Wealth Report is released annually. The full edition of the 2020 report will be published in the second quarter of 2021.

Regarding India’s Millionaires

i.The number of millionaires in India is expected to increase to 1.3 million by 2025 (81.8% increase).

ii.There were 4,320 ultra-high networth individuals in India whose net worth exceeded USD 50 million.

  • According to Hurun India Rich List, Reliance Industries Chairman Mukesh Ambani had earned INR 90 crore every hour or INR 2, 77, 700 crore in 2020, taking his total wealth to INR 6, 58, 400 crore.
  • According to Bloomberg Index, Adani Group Chairman Gautam Adani’s wealth increased by USD 16.2 billion in 2020 to USD 67.6 billion as of mid-May 2021.

Global Scenario

The report projected a 39% increase in global wealth by 2025 at USD 583 trillion, the number of millionaires will reach 84 million by 2025.

i.For the 1st time, over 1% of all global adults were in nominal terms dollar millionaires in 2020.

ii.Total wealth per adult increased by 6% to reach a record USD 79, 952.

iii.US accounted for nearly a third of the world’s 5.2 million new millionaires in 2020, followed by Germany.

Recent Related News:

March 2, 2021, According to Hurun Global Rich List 2021, Chairman of Reliance Industries (RIL), Mukesh Ambani became the 8th Richest Person in the World. The List was topped by Elon Musk (CEO of Tesla), Jeff Bezos (CEO of Amazon) & Bernard Arnault (CEO of LVMH-Louis Vuitton).

About Credit Suisse

CEO – Thomas Gottstein
Headquarters – Zurich, Switzerland