India has produced a whopping 7,300 more millionaires around the 12 months to mid-2018, taking the total number of dollar millionaires to 3,43,000, who collectively amount to around $6 trillion. Credit Suisse's 2018 global wealth report also believes the country is home to one of the highest proportions of female billionaires at 18.6 per cent during the period, among the major countries. Of the total dollar-millionaires, 3,400 have wealth over $50 million, while 1,500 have over $100 million each.
Also, the number of rich as well as the inequality is set to widen by over 53 per cent by 2023, when their number is set to cross an estimated 5,26,000 millionaires worth around $8.8 trillion. The report said Indians' personal wealth is dominated by property and other real assets, which make up 91 per cent of estimated household assets. Over the past 12 months, non-financial assets grew by 4.3 per cent, accounting for all of the wealth growth in the country. House-price movements are a proxy for the non-financial component of household assets, which reached a high of 9 per cent for the country.
The US continues to lead the rich club for the 10th year in a row, adding an extra $6.3 trillion this year, taking the total to $98 trillion. China is home to the second-largest number of wealthy households, having added $2.3 trillion to reach $52 trillion.
