India to have over 3 lakh millionaire by 2018: Report

Credit Suisse in its fourth Annual Global Wealth Report 2013 said of millionaires in the country is expected to jump over 66 per cent at 3.02 lakh by 2018, even as 94 per cent of India’s population has wealth below USD 10,000, according to a global wealth report. Currently India is home to 1.82 lakh millionaires.

Credit Suisse head of India equity research, Toral Munshi said,”As the world’s largest democracy with a strong federal structure and vibrant markets, Indian wealth has seen rapid growth since 2000. Wealth per adult has risen by 135 per cent from USD 2000 in 2000 to USD 4,700 in 2013 at an average annual rate of 8 per cent.”

“In US dollar terms, there was a significant contraction in 2008, mostly due to the depreciation of the rupee … The rupee took another dive in 2011-12, prompting a 20 per cent decline in wealth in USD terms,” the report noted.

However, wealth per capita has grown quite steadily since 2000, managing an average annual rate of 8 per cent, the report said.

Observing that the wealth in India rose by 7.4 per cent to USD 3.4 trillion in mid-2013, the report said wealth per adult in the country is expected to rise at a CAGR of 9.3 per cent at USD 6,600 by 2018.

 

Source – PTI