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‘Indian household wealth eroded, but millionaires set to grow’

HT Correspondent, Hindustan Times  New Delhi, October 10, 2012
First Published: 23:23 IST(10/10/2012) | Last Updated: 23:24 IST(10/10/2012)

Indian households saw 18% of their total wealth wiped out between mid-2011 and mid-2012 amounting to around $699 billion or R37 lakh crore, Credit Suisse said in its global wealth report released on Wednesday.


Total global household wealth came down by 5.2% but Indian households were one of  the worst performing the report said.

“There’s no question that the economic uncertainties of the past year – particularly those affecting the euro zone – have cast a huge shadow over household wealth (to produce) the worst environment for wealth creation since the financial crisis,” said the Credit Suisse Research Institute’s Global Wealth Report 2012 report.

Despite setbacks, household wealth has grown strongly, with the global aggregate doubling from $113 trillion at the start of the millennium.

In India, aggregate wealth more than tripled during 2000 to 2011.

“While wealth has been rising strongly in India, and the ranks of the middle class and wealthy have been swelling, not everyone has shared in this growth and there is still a great deal of poverty”, the report said.

This is reflected in the fact that almost everyone in India (95%) has wealth below $10,000, while at the other end, a very small proportion of the population (just 0.3%) has a net worth over $100,000 per capita.

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