India’s HNWIs fell 4.4% to $ 12.83 trillion in 2020 due to the fall in the rupee: Report

Mumbai: Despite a surge in net worth in 2020, when Mukesh Ambani, Gortam Adani, Punawaras and many others were hit by a pandemic, the country’s ultra-high net worth total wealth was 4.4% by the end of the year. It decreased to $ 12.83 trillion. The fall of the rupees, and so did their tally, the report said.
According to the report, the number of millionaires in India fell from 764,000 in 2019 to 698,000 due to the rupee fall alone, but cumulative wealth was $ 12.833 trillion, $ 594 billion (4.4%) year-on-year. ) It has decreased. According to Credit Suisse Institute.
Only 1% of the world’s wealthiest live in the country, an increase of 5.2 million to 56.1 million in the year Covid suffered.
However, the report predicts that the number of millionaires in India will increase by 81.8% to 1.3 million by 2025.
Adult Indians are worth an average of $ 14,252 in 2020, growing at an average annual rate of 8.8% from 2000 to 2020, compared to the global average of 4.8%.
There were 4,320 ultra-rich people with net worth over $ 50 million.
Reliance Industries Chairman Mukesh Ambani earned 90 or 2,77,700 rupees per hour in 2020, bringing his total wealth to 6,58,400 rupees, according to the Groen India Rich List.
According to Bloomberg data, Adani Group Chairman Gortam Adani’s wealth increased $ 16.2 billion in 2020 to $ 67.6 billion as of mid-May.
Global wealth increased $ 28.7 trillion to $ 418.3 trillion after losing $ 17.5 trillion in the market in the first quarter, according to a Credit Suisse report. Meanwhile, the total number of millionaires in the world has increased by 5.2 million to 56.1 million.
As a result, adults needed more than $ 1 million to be in the top 1% of the world, starting at $ 988,103 in 2019.
For the first time in 2020, he added that more than 1% of adults worldwide were nominally dollar millionaires.
Among the wealthy, the ultra-high net worth group has grown even faster, with 24% more members. This is the highest increase since 2003.
People between $ 10,000 and $ 100,000 have seen the largest increase since 2000, more than tripled from 507 million in 2000 to 1.7 billion in mid-2020.
According to Credit Suisse economists, wealth creation in 2020 will be largely unaffected by the challenges facing the world due to actions taken by governments and central banks to mitigate the economic impact of the pandemic. did.
Global wealth increased by 7.4% and per adult wealth increased by 6% to another record of $ 79,952. Overall, the countries most affected by the pandemic have not deteriorated significantly in wealth creation.
However, the pandemic had a serious short-term impact on the global market in the first quarter of 2020, with $ 17.5 trillion lost from global household wealth between January and March 2020. This is a 4.4% decrease. However, this was reversed by the end of June, when stock prices began to skyrocket and reached record levels by the end of the year. The housing market has also benefited from general optimism.
As a result, $ 28.7 trillion was added to global household wealth during the year, and global wealth increased $ 28.7 trillion to $ 418.3 trillion.
North America added $ 12.4 trillion, Europe added $ 9.2 trillion, China added $ 4.2 trillion, and the Asia-Pacific region (excluding China and India) added another $ 4.7 trillion.
Latin America performed worst with a total asset loss of $ 11.4% or $ 1.2 trillion, followed by India with a loss of 4.4%.
The report also predicts that by 2025, global wealth will grow 39% to $ 583 trillion and the number of millionaires will reach 84 million.

India’s HNWIs fell 4.4% to $ 12.83 trillion in 2020 due to the fall in the rupee: Report

Source link India’s HNWIs fell 4.4% to $ 12.83 trillion in 2020 due to the fall in the rupee: Report

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