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

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How many people in India are rich in 2017?

Posted by Muthu on November 15, 2017

Credit Suisse publishes global wealth report every year.

This year report can be accessed here.

We’re sharing some interesting data from this report every year.

They have taken only adult population into consideration for the purpose of this report.

For dollar to rupee conversion, the rate assumed is 1 USD = Rs.65.

A country is considered rich, if the average wealth per person is over $100,000 (Rs.65 lakhs).

You would be surprised to know that Cyprus joined the list of rich nations this year.

The richest country in the world is Switzerland with average wealth per person of $537,000 (Rs.3.50 crores).Switzerland is the only country in the world where the average wealth per person has crossed half a million dollars.

The top ten richest countries in the world are Switzerland, Australia, USA, New Zealand, Norway, Denmark, Belgium, UK, Singapore and France.

If you are a dollar millionaire (Rs.6.5 crores), you are among the top 0.7% of the world population.

If you’ve wealth of $770,368 (Rs.5 crores), you’re among the wealthiest 1%

The average net worth of an individual in the world is $56,540 (Rs.37 lakhs).

70.1% of the world population has wealth less than $10,000 (Rs.6.5 lakhs).

21.3% of the world population has wealth between $10,000 (Rs.6.5 lakhs) to $100,000 (Rs.65 lakhs).

7.8% of the world population has wealth between $100,000 (Rs.65 lakhs) to $1 million (Rs.6.5 crores).

The top 1% of the population owns 50.1% of the total assets.

The top 10% of the population owns 87.8% of the total assets.

Coming to India, we’ve 245,000 people who are dollar millionaires and above.

0.5% or 42 lakh people have wealth above Rs.65 lakhs but less than Rs.6.5 crores.

7.2% or 6 crore people have above Rs.6.5 lakhs but less than Rs.65 lakhs.

The balance 92.3% of population, roughly 77 crore adults, have less than Rs.6.5 lakhs. This is the most poorer section of our population.

There are 1820 people who have above $50 million (Rs.325 crores).

There are 760 people who have above $100 million (Rs.650 crores).

A dollar billionaire is the one who owns more than Rs.6500 crores.

Out of the 2043 billionaires in the world, 101 live in India.

Total wealth of the country is $5 trillion predominantly in real estate and gold.

The average wealth per individual is $5976 (Rs.3.88 lakhs) and the median wealth is $1295 (Rs.84,175).

Median wealth means that half of our population has less than Rs.85,000 as wealth.

Going through this report reaffirms that other than spending and saving; giving too needs to be part of our financial plan.

15 Responses to “How many people in India are rich in 2017?”

  1. Muthu said

    Gold should be there. Usually does not include primary residence.

  2. phaktz said

    Sir, this data is not correct as I believe only in Delhi or Mumbai 2.45 lakhs millionaire are there.

    • Sandeep Patil said

      Agree with you. Possibly I already know that many in a Suburb of Mumbai. What is the source of information since Indians never declare their wealth? Politicians declare 1% of their wealth. I believe the figure must have been 2.45 Crore millionaire. After all, land and house is also an asset. There are so many rich farmers as well.

  3. KK said

    “giving too needs to be part of our financial plan” well appreciated!!!

  4. KK said

    Dear Muthu, Would be interested to know if we have any statistics on overall well being of the worlds population also 🙂

  5. Sundaram said

    What will be Indian Net-worth considering purchasing power parity ?

  6. Sundaram said

    As one reader Mr. Gopinath asked if the report includes house and gold, I searched on net and found flag:
    Credit Suisse, for instance, says it defines millionaires as those with total wealth of $1 million or more. It says it measures both “financial” and “nonfinancial” wealth, in other words anyone with net assets of more than $1 million, i.e. your house, art collection and other assets.

  7. Athmanathan said

    As per the report average wealth is only ₹85000/. If that be so then multiplying 85000 into at least 130 crores of people gives 17 trillion in dollar terms. Do the math yourself and confirm.

  8. Athmanathan said

    OK. How can GDP of India is equal to total wealth of this nation? GDP is annual income whereas total wealth is accumulated over a period of say 30 years in a person’s ice and inherited land and gold are not left behind in this method. If average savings per year is 20% then rough estimate gives total wealth as 10trillion dollars. ie. Our GDP $2 trillion x 5 times.

    • amritlal singh said

      India’s GDP is = Total Wealth of the Nation because Wealth is not estimated at current prices but considered at its years old purchase price or documented price.

  9. Ramendra Nath Ray said

    Very Sad.

    Lopside Development Of Wealth Is Not Good For The Development Of The Country.

    Balanced Growth Essentially Required For Development Of The Country

  10. This report is wrong at many levels. Owning a house in India can make a person have wealth of 2.5 Crs. So how is it possible that there are only 250,000 with one million USD in India. I would say almost 10 Million people in India have about 1 million U.S.D. wealth as such and some much more. The rest of India is not rich at all by Western Standards but you don’t need that much money to live in India.

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