India now sixth largest contributor to overall global wealth: Report

The “Global Wealth Report” released by Credit Suisse Research Institute has said that even as the ranks of the middle class and wealthy are swelling,there continues to remain significant wealth disparity. The report has found that 43 per cent of adults have wealth below $1,000 per adult,well above the world average of 27 per cent. At the opposite end of the scale,0.4 per cent has wealth over $1,00,000 per adult.

The report,however,projects that if current growth continues,this number will rise. India’s millionaire club witnessed a rise of 34,000 new members and now stands at 2,04,000. By 2016,that number is expected to grow 150 per cent to 5,10,000.

Total global wealth has increased 14 per cent to $231 trillion in June 2011 from $203 trillion in January 2010. Emerging markets remained the main wealth growth engine,with the fastest growth seen in Latin America,Africa and Asia. In the next five years,global wealth is expected to rise by 50 per cent to $345 trillion and wealth per adult to increase 40 per cent to reach $70,700,led by growth in emerging markets.

“These are times of unprecedented economic change,and a radical reconfiguration of the world’s economic order is taking shape. Emerging markets are important drivers of the global recovery and remain the key growth engines of global wealth,” said,Osama Abbasi,CEO-Asia Pacific,Credit Suisse.

Asia-Pacific,the key contributor to global wealth creation accounted for 36 per cent since 2000 and 54 per cent since 2010. This is in sharp contrast with 9.2 per cent contributed by North America and 4.8 per cent by Europe over the same period. China,Japan,Australia and India figured among the top six contributors,said the report.