The latest global wealth study by Credit Suisse highlights the lopsided growth in India, the world’s fastest-growing major economy. While the country ranks sixth globally in terms of the ultra-rich population “those with wealth in excess of $50 million” it is also one of the highest contributors to the world’s adult population with base-tier wealth i.e. less than $10,000, or about Rs 730,000.
More than 90 percent of India’s population belongs to the base tier when it comes to the distribution of wealth. In comparison, a third of China and only 28.4 percent of the US’ adult population belong to this segment.
“Residents of India remain heavily concentrated in the bottom half of the distribution. However, the country’s high wealth inequality and immense population mean that India also has a significant number of members in the top wealth echelons,” says Credit Suisse Global Wealth Report 2018.
The mean wealth in India is estimated at $7,020 per adult, while the median wealth is even lower at $1,289 per adult. India has an adult population of 850 million, second only to China, which has 1,085 million. However, the mean wealth per adult in China is $47,810 and the median wealth is $16,333, the report says.