Indian wealth tripled to $3.5 trn in a decade
Wealth in India and the Asia-Pacific region is growing faster than that of developed economies in line with their higher growth rates.business Updated: Oct 08, 2010 21:03 IST
Wealth in India and the Asia-Pacific region is growing faster than that of developed economies in line with their higher growth rates.
According to the Global Wealth Report by the Credit Suisse Research Institute, India's total wealth tripled to $3.5 trillion (R154 lakh crore) over the last decade against the global growth rate of 72 per cent at $195 trillion.
The report defines wealth as (value of financial assets and non-financial assets (mainly real estate) minus household debt. Going forward, India is expected to almost double its wealth to $6.4 trillion by 2015 against the 61 per cent global growth rate.
“The report confirms that Asia-Pacific countries, which now make up the bulk of the world's middle class of emerging consumers, are driving the growth of the world's wealth,” said Osama Abbasi, CEO, Asia-Pacific, Credit Suisse.
India, however, has a long way to go as its total wealth is far behind that of the US ($54.6 trillion), Japan ($21.0 trillion) and China ($16.5 trillion).
However, while several Indians may top the world's rich list, wealth in India is distributed very disproportionately and only 0.4 per cent of the total adult population owns more than $100,000 (R45 lakh) on an average, the report said.