Household wealth more than doubles to $12.6 tn in 2019: Credit Suisse

The household wealth has more than doubled to US$ 12.6 trillion in the calendar year 2019, irrespective of the decrease in overall economic growth. According to the report by Swiss bank Credit Suisse, the total wealth held by households in India stood at US$ 5.972 trillion in 2018. 

The report came at a time when the government is been forced to give massive tax giveaways due to the concerned by many analysts over the key indicator of the economy are heading south. The report also claims that there has been four times growth in household wealth between 2000 and 2019, and the country will also add another 43 per cent or US$ 4.4 trillion to the wealth over the next five years.

Although, the reasons for doubling of household wealth were not given by the bank, which also has operations in the country as a brokerage and other activities. According to the report, this massive wealth includes both financial as well as in investments in which also has operations in the country as a brokerage and other activities.

The wealth per adult stood at US$ 14,569 as per the report, or up 3.3 per cent, while the debt grew 11.5 per cent to US$ 120 billion. The financial assets also grew at a lower 1.4 per cent as against 6.9 per cent increase in the non-financial assets, reflecting the volatile markets, the report notes, adding there are 8.27 lakh adults in the top 1 percent of global wealth-holders, who own 1.6 percent of the global wealth.

The report says, around 4,500 possess wealth of over US$ 50 million, while 1,790 have over US$ 100 million. India holds fifth rank among the countries with ultra-high net-worth individuals.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.