Mumbai: Household wealth in India rose 7.4% to more than $3.6 trillion in mid-2013 compared with a year ago on the back of growth in the value of physical assets like real estate, according to the Global Wealth Report 2013 released by the Credit Suisse Research Institute on Wednesday.

Globally, household wealth increased 4.9% in mid-2013 to $241 trillion, compared with a year ago, according to the report.

India added at least $249 billion in the period between mid-2012 and mid-2013, with the total household wealth now reaching $3,613 billion, the report said. Wealth per adult increased to $4,700 in 2013 from $2,036 in 2000 at an average annual growth of 8%.

“As the world’s largest democracy with a strong federal structure and vibrant markets, India’s wealth has seen a rapid growth since the year 2000. Our report reconfirms again that Asia Pacific, which accounts for 31% of global household wealth and 61% of the world’s middle class of emerging consumers, remains the key growth engine of the world economy and wealth creation," said Toral Munshi, head of India Equity Research, Wealth Management at Credit Suisse.

The number of millionaires in India is expected to rise from 182,000 in 2013 to 302,000 by 2018, the report said—an increase of around 66%. The number of global millionaires could exceed 47 million in 2018, a rise of 50% from 2013, the report estimates.

The report defines wealth as the value of financial assets plus real estate assets, minus household debt. The report covers 216 countries with total population of 7.15 billion and 4.67 billion adult population.

Close