India to have over 300,000 millionaires by 2018

Millionaire

India to have over 300,000 millionaires by 2018: Credit Suisse. AP Photo /Manish Swarup

IANS

Mumbai – The number of millionaires in the country is expected to jump over 66 percent to 302,000 by 2018, according to a report on global wealth released here Wednesday.

India currently has 182,000 millionaires, even as 94 percent of the country’s population has wealth below $10,000, the Credit Suisse Research Institute said in its fourth Annual Global Wealth Report 2013.

“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 percent from $2000 in 2000 to $4,700 in 2013 at an average annual rate of 8 percent,” said Toral Munshi, head of India equity research at Credit Suisse.

Pointing out that wealth in India rose by 7.4 percent to $3.4 trillion in mid-2013, the report said wealth per adult in the country is expected to rise at a rate of 9.3 percent at $6,600 by 2018.

Noting that only 0.4 percent of India’s population has a net worth of over $100,000 the report said that “however, due to the country’s large population this translates into 2.8 million people”.

India has 254,000 members among the top 1 percent of global wealth holders which equates to a 0.5 percent share. the report said.

India has 1,760 ultra high net worth individuals with wealth over $50 million and 770 UHNWIs with more than $100 million, the report added.

While wealth has been rising in India, not every one has been part of this growth story and there is still a great deal of poverty.

“This is reflected in the fact that 94 percent of the adult population has wealth below $10,000,” the Credit Suisse report said.

Related Stories:

IANS 2013-10-09 20:26:09

[+]

Tags: , , , ,





Featured

Malaysian MP Karpal Singh (C), pictured in this 2010 photo, has died in a car crash.  SAEED KHAN/AFP/Getty Images

Malaysian MP Karpal Singh dies in car crash

VANCOUVER DESI Malaysian MP Karpal Singh died in a car crash Thursday morning while travelling through the country’s western state of Perak, according to media…
Continue Reading »

pregnant wife

Daughter of murdered Surrey teacher gets over $500,000 compensation from father

KEITH FRASER VANCOUVER DESI The young daughter of a Surrey school teacher murdered by her husband has been awarded more than $500,000 in family compensation…
Continue Reading »

Vaisakhi Parade Surrey

Vaisakhi Parade: Values of Sikhism to wash over the streets of Surrey

VANCOUVER DESI The streets of Surrey will be filled with the colours, sounds and sights of Sikhism this Saturday as some 200,000 people are expected…
Continue Reading »

LOCAL NEWS

pregnant wife

Daughter of murdered Surrey teacher gets over $500,000 compensation from father

KEITH FRASER VANCOUVER DESI The young daughter of a Surrey school teacher murdered by her husband has been awarded more than $500,000 in family compensation…
Continue Reading »

Desi Hockey Dad threat

‘It got quite graphic’: Hockey dad charged with threatening 10-year-old player on his son’s team

Burnaby Winter Club team had just lost a playoff game IAN AUSTIN THE PROVINCE A Burnaby Winter Club hockey dad appeared in North Vancouver court…
Continue Reading »

Vaisakhi Parade Surrey

Vaisakhi Parade: Values of Sikhism to wash over the streets of Surrey

VANCOUVER DESI The streets of Surrey will be filled with the colours, sounds and sights of Sikhism this Saturday as some 200,000 people are expected…
Continue Reading »

Don't Miss...

Desi Hockey Dad threat

‘It got quite graphic’: Hockey dad charged with threatening 10-year-old player on his son’s team

Burnaby Winter Club team had just lost a playoff game IAN AUSTIN THE PROVINCE A Burnaby Winter Club hockey dad appeared in North Vancouver court…
Continue Reading »

Surrey Vaisakhi Parade

The sheer awe of Amritsar

VANCOUVER DESI Amritsar, literally a Pool of Nectar, derives its name from Amrit Sarovar, the holy tank that surrounds the splendid Golden Temple. Guru Ramdas,…
Continue Reading »

Vaisakhi Parade Surrey

Vaisakhi recipes and the concept of free kitchens

VANCOUVER DESI Food, especially feeding others for free, is a central philosophy of Sikhism. Sikhs do not have many strict rules regarding food but many…
Continue Reading »

Muslim Surveillance Program

New York police ends Muslim surveillance program that sparked outrage

TOM HAYS And JAKE PEARSON THE ASSOCIATED PRESS NEW YORK — The New York Police Department said Tuesday it has disbanded a special unit whose efforts to…
Continue Reading »

Selfies - inked finger-Twitter

Indian city bans selfies inside polling booths (w/gallery)

VANCOUVER DESI The next selfie you snap could land you in jail – for Indian voters at least. According to Indian news publication the Bangalore…
Continue Reading »


Bollywood Latest

Porn Queen-desi

2 States author listens to Sunny Leone’s Babydoll number to unwind

VANCOUVER DESI The author of  2 States – which has now been adapted into the Alia Bhatt and Arjun Kapoor film – has an interesting…
Continue Reading »

Bollywood actress

Gallery: Bollywood celebrity shots this week

VANCOUVER DESI More and more Bollywood stars are sharing all the glitz and glamour of their lives with fans – a personal touch – the…
Continue Reading »

Bollywood

Anurag Kashyap’s ‘Bombay Velvet’ gets new release date

IANS Mumbai – Filmmaker Anurag Kashyap’s much awaited film “Bombay Velvet”, which was reportedly planned to be released on Christmas along with Aamir Khan’s “P.K.”,…
Continue Reading »