Credit Suisse report: Indians’ wealth grew 5.2% in 2018-19

The global Wealth Report of the Credit Suisse Research Institute which was released recently says that India has grew by 5.2% in dollars in 2018-19. As per the report, the wealth per individual has been lowered by 3.3%. This shows the slow market which has shown 11% average growth rate over the last two decades (2000-2019). Overall, the non-financial assets of households grew by 6.9%, financial assets grew by just 1.4%, while debt grew by a huge 11.5%.

As per the report the wealth per adult at $14,569 ( ₹10.31 lakh as on 21 October 2019). However, the average number is skewed heavily by a few wealthy individuals. Report says that there are 78% of adults in India who have wealth below $10,000, while 1.8% of India’s population has wealth over $100,000. At the extreme, 1,790 adults are there to own wealth over $100 million. In the list of dollar millionaires of the world, India has a 2% share.

There are about $13,000 in physical assets (per adult) and roughly $3,000 in financial assets held by Indians. Also, there is a debt of $1,345 per adult which brings the net household assets to $14,569. The physical assets as per the Credit Suisse Report is contradictory to the recent report of the Karvy private wealth. However, there are chances that the report by Karvy might have distorted  by large equity holdings of promoters.