OXON HILL, MD - DECEMBER 8: Chad Power counts a huge stack of hundred dollar bills in the poker room. Chad Power attends the opening celebration at MGM National Harbor Resort & Casino in Oxon Hill, Maryland on December 8, 2016. Power is a pro gambler and has a team of gamblers that work with him. He is moving his pro poker operation to MGM Casino from Maryland Live. (Photo by Sarah L. Voisin/The Washington Post via Getty Images)
Wealth of India’s super-rich dipped 4.4% to $12.83 trillion in 2020: Credit Suisse
While Mukesh Ambani, Gautam Adani and the Poonawallas saw a significant jump in their net worth, overall wealth of India’s super-rich sinked 4.4 per cent to reach $12.83 trillion, stated a report. This dip is due to the rupee’s fall in the pandemic-hit 2020.
According to a report by Credit Suisse Research Institute, the number of dollar millionaires in India fell from 7,64,000 in 2019 to 6,98,000 in 2020 only due to the rupee’s fall. Their cumulative wealth was down $594 billion from the previous year to $12.833 trillion.
India is home to 1 per cent of the global rich, whose number rose by 5.2 million to 56.1 million amid the pandemic. The report expects the number of millionaires in India to increase 81.8 per cent to 1.3 million by 2025.
Every adult Indian was worth an average $14,252 in 2020, which has been growing at an annual rate of 8.8 per cent since 2000. India has managed much better as compared to the global average that is 4.8 per cent.
There were as many as 4,320 ultra-high net worth individuals whose net worth was over $50 million.
Global wealth increased by $28.7 trillion to $418.3 trillion after losing $17.5 trillion in the market rout in the first quarter. An adult now needs over $1 million to belong to the global top 1 per cent, up from $988,103 in 2019, the report stated.
When it comes to the rich, ultra-high net worth group grew faster than the rest, adding 24 per cent more members.
According to Credit Suisse economists, wealth creation in 2020 was largely resistant to the challenges facing the world due to the actions taken by governments and central banks to reduce the economic clash of the pandemic.
Wealth per adult rose 6 per cent to reach another record of $79,952. Countries that have been worst clashed by the pandemic have not been very affected in terms of wealth creation.