As per UBS’s Global Wealth Report, India’s wealth per adult has grown 8.7% per annum since the beginning of the millennium and was $16,500 at the end of 2022.
A global average wealth per adult is $84,718, so India has a lot to catch up on. As a result, the average wealth in China is now approaching global levels, while India still lags far behind, according to UBS. The average wealth per adult in China has grown by 14% over the past few years.
While China saw total assets per adult fall for the first time in the 21st century in 2022, India’s wealth per adult fared better – with net worth per adult rising 2.8%.
As a result, India’s assets per adult rose 12.5% when the exchange rate depreciation is removed.
According to the report, India’s total wealth in 2022 will be $15,365 billion, with non-financial assets rising by 5.4% and financial assets by 1%.
In 2000, wealth inequality in India was already high at 33.2%, with the top 1% holding around a third of the wealth. In 2022, it reached 40.4%, which is more or less unchanged from the years before.
While many Indian citizens are located in the bottom half of the global distribution, high wealth inequality and a large population mean that significant numbers also belong to the top echelons of wealth.
There are 849,000 dollar millionaires in India, which is more than 1% of the world’s dollar millionaires.
There are also 5,480 ultra-high-net-worth individuals (UHNWs) in India, Brazil, and Russia who hold more than $100 million in net worth, according to UBS.
In spite of rising wealth inequality in the early years of this century in the US, India and China, these countries are exceptions.
UBS reports that wealth inequality declined in most countries, reflecting the importance of non-financial assets. After the global financial crisis, rapid growth of financial assets caused wealth inequality to rise until 2015, when it began to level off.
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