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D.Muthukrishnan (Muthu), Certified Financial Planner- Personal Financial Advisor

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How many people are rich in India? – 2013

Posted by Muthu on October 10, 2013

We are a very poor country. However one slices and dices the data, this harsh truth remains.

Both my profession and personal curiosity make me to keep tab on reports pertaining to rich, poor, inequality, millionaires etc. I’ve shared such details with you in the past too.

Credit Suisse has recently released its 64 pages global wealth report for 2013. I just thought of sharing few points with you.

For dollar to rupee conversion, the rate assumed is 1 USD = Rs.60

1% of world’s population holds 46% of the global wealth. If your wealth is more than $753,000 (Rs.4.5 crores), you are among the top 1% of the world. Congrats, please do drop me a mail:-) 

10% of the world population holds 86% of the global wealth. If your wealth is more than $ 75,000 (Rs.45 lakhs), you belong to this club.

 If you’ve $4000 (Rs.2.4 lakhs), you are in the top 50% of the world population. Strange, but true. In other words, the bottom 50% of the world hardly owns 1% of the global wealth.

The average wealth per individual varies from nation to nation. For Switzerland, the number is $512,562 (Rs.3.07 crores) whereas for India it is $4706 (Rs.2.82 lakhs).

Coming to India, 94% of our population has wealth below $10,000 (Rs.6 lakhs).

The median wealth of our country is $1040 (Rs.62,400). So half the population doesn’t even have 60K.

Only 0.4% (2.8 million people) of our population has wealth exceeding $100,000 (Rs.60 lakhs).

We have 1.82 lakh dollar millionaires (i.e.) nearly 2 lakh people in our country are worth above Rs.6 crore.

The total wealth of our country is $3.6 trillion. The total wealth of USA is $72.1 trillion with only 300+ million people, 25% of our population.

If you’re reading this, you are most likely among the top 1% of the Indian population. As Buffett said, if you are among top 1%, you owe at least some thing to the remaining 99%.

Count your blessings.

Happy Saraswathi Pooja and Vijayadasami.

8 Responses to “How many people are rich in India? – 2013”

  1. Usha said

    Thought-provoking and sobering statistics. Thank you for the insight.

  2. Amit Daga said

    Great insight!!

    But what abt those who have black money? Are they also covered in this report?

  3. T K Vani said

    I think Credit suisse ignored the land value/gold etc while calculating the wealth of Indians.given that Indians hold a lot of wealth in these two forms no wonder we have such a small number of wealthy people.Was just reading Junior vikadan and amazed to see two rural looking people (some dispute related to property) whose property is valued at 50 crores.

  4. shivaray said

    if you are rich,please help the poor people. DON’T give money,give a job,so that they will be happy for the rest of the life.

  5. My sincere thanks to D.Muthukrishnan (Muthu) for providing this vital information.While I was happy that I can be counted amongst two lac richest Indians,as per your data. (We have 1.82 lakh dollar millionaires (i.e.) nearly 2 lakh people in our country are worth above Rs.6 crore), I was upset to note that India is poorest of poor country as per world’s standard and it is almost 1/80th poorer as compared to USA.There could be ‘N’ no.of reasons for being poorest country,viz; i) for centuries we had been ruled by foreigners, ii) On independence,we had followed “Socialist” approach iii) We all have been taught that earning profits are bad iv) Indian Cinema always painted rich person’s picture as a villain.and so on…Now,the Indian Government has adopted liberal policies ,the world has came closer due to Science & Technology,we Indians have all the favorable reasons to be “Entrepreneurs” and bring-up our nation.If we are aiming to be superpower,it must be a super-rich country.One must aim to be an Employer than an Employee.

    Coming back to your data,it must be complied from the published facts n figures,which are obviously,from Income Tax Department.In India,it is said that less than 15% population pays income tax.Many of rich agriculturists are exempted from IT and therefore,may not figure in the said data. Similarly,the corrupt politicians,bureaucrats,businessmen,industrialist take advantage of system to evade taxes. Unless a robust and fully computerized systems are put in the place,we will not know exact no.of rich people in India.

    • Hary Paul said

      Very much correct. I am not sure but the number of rich people by any standard will most probably be double . Our country is considered as one of the top 10 most corrupt countries in the world. We have to tackle this problem head on. Otherwise our future will be doomed. I request our young generation to come forward and form a united national party. Fight election as per our democratic norm. Win and kick out all corrupt politicians and government officials to save our motherland.

  6. RAVINDRANATHA H V said

    THANKS FOR THE VALUABLE INFORMATION . NOW I CAN JUDGE WHERE I AM .

  7. yasser said

    Somehow the numbers are not believable. Most of india’s wealth is in un-accountable form. It is simply not possible that only 2 lakh people have more than 6 crores.

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