India has 2,083 ultra HNIs with more than $50 million net wealth, 3% higher than 2014

The Credit Suisse Research Institute released its sixth annual Global Wealth Report, which focuses on how the middle class has developed since 2000. It finds that the size and wealth of the middle class globally grew quickly before the financial crisis, but growth has subsided after 2007 and rising inequality has squeezed its share of wealth in every region.

Key findings for India include:

-India’s total household wealth at current dollar terms fell by 1% from mid-2014 to mid-2015 to $ 3.4 trillion; at domestic currency terms, it rose by 4.8%.

-Measured in domestic currency, wealth has grown rapidly in India since 2000, except during the global financial crisis, at an average of 8%. Wealth per adult was just $4,350 in mid-2015.

-As in many other developing countries, personal wealth in India is largely made up of property and other real assets, representing 86% of gross household assets.

-Personal debts are estimated to be only $346.

-Only 3% of India’s adult population falls into the middle class wealth band, but its middle class wealth has grown by 150% since 2000 to USD 780 billion, representing 23% of the country’s wealth.

-The average wealth of the middle class in both India is ten times the level of those in the rest of the population.

-At the top of the wealth pyramid, the number of USD millionaires in India is projected to rise by 65% in the next five years to reach 305,000 in 2020, compared to the current 185,000.

-India now has 2,083 ultra-high-net-worth individuals with more than $50 million net wealth, 3% higher than 2014.