Number of millionaires in India to increase by 53% till 2017

millionaires in India

In the elite class

In the third annual global wealth report 2012 the Credit Suisse’s said that India is going to witness an increase in the number of millionaires. According to the report the percentage is going to improve by 53% to touch 84,000 by 2017.

Other things that were highlighted in the report were that India has around 2,37,000 members of the top one percent of global wealth-holders, which brings India’s share to 0.5%. The report also said that India’s total net wealth has gone down by 18% between mid-2011 and mid 2012. Despite the low, India’s wealth per capita has increased. The report clarified that just 0.3% of Indian population earns a net worth of over $100,000. Considering the large population that India has this figure which translates into 2.3 million people is quite low. As far as the emerging markets are concerned people here are more inclined towards investing in property and other real assets. The overall value comes upto 84% with household assets.

Talking about India’s personal debts each individual’s debt comes up to $162. The report highlighted that it suffers from a significant under-reporting of household liabilities which means that the given personal debt may be underestimated.
Though the study states that India will see 53% rise in millionaires by the year 2017, it has also revealed that Brazil will see a rise of around 119%.

About Amina Gupta

Amina Gupta started writing for fun but now writing has become her profession. Though she is capable of writing on varied number of subjects, but it is Bollywood and entertainment will bring best out of her. Google