Context: The Credit Suisse Group, a Switzerland-based multinational
investment bank, has released the 10th
edition of its annual Global Wealth Report.
Key
findings:
- China has overtaken the United States this year to become “the country with most people in the top 10% of global wealth distribution”.
- Bottom half of wealth holders collectively accounted for less than 1% of total global wealth in mid-2019, while the richest 10% own 82% of global wealth and the top 1% alone own 45%.
India specific findings:
- India remains one of the fastest wealth creators in the world, with household wealth in dollar terms growing faster than any other region.
- Wealth per Indian adult is at $14,569 ( ₹10.31 lakh as on 21 October). However, the average number is skewed heavily by a few wealthy individuals.
- India accounts for 2% of the world’s millionaires.
What are the drivers of the wealth of nations?
- Overall size of the population: A country with a huge population
- reduces the wealth per adult.
- creates more opportunities for economic growth and wealth creation.
- Country’s saving behaviour: A higher savings rate translates into higher wealth.
- General level of economic activity as represented by aggregate income, aggregate consumption or GDP:
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