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India home to 11th largest population of uber-rich people

India is home to 11th largest population of Ultra High Net Worth Individuals, but also figures among countries with "very high wealth inequality" with a large number of its residents being in the lower wealth strata, says a new report.

business Updated: Oct 16, 2014 00:14 IST
Noopur Tiwari
Noopur Tiwari
Hindustan Times

Although the global economic environment has remained challenging, total global wealth has grown to a new record and has doubled since the year 2000, a report by the Credit Suisse Research Institute said.

Meanwhile, personal wealth in India and China has risen by a factor of 3.1 and 4.6 respectively.

Indians accounted for a quarter of people in the bottom half of wealth distribution. Immense wealth inequality and immense population mean that India also has significant number of members in the top wealth echelons, says the report.

China has very few representatives at the bottom and top of the global wealth distribution but dominates the middle of the section. Despite recent increases, wealth inequality in China is not high by standards of developing world.

Just 1% of millionaires hold nearly half of all global assets. Since 2008, there has been a 54% rise in number of millionaires and the number of billionaires has more than doubled.

Wealth grew most in North America with Europe a close second. In both regions, capital markets were a key source of wealth growth. In India, capital markets rose by 40%.

First Published: Oct 15, 2014 18:13 IST