Number Of Dollar Millionaires In India To More Than Double To 16.32 Lakh By 2026: Credit Suisse Report

With the Indian economy growing at a rapid pace, the number of US dollar millionaires in India is expected to more than double by the year 2026, according to Switzerland¡¯s second-biggest bank Credit Suisse's Global Wealth Report 2022. For the uninitiated, 'dollar millionaire' is a term usually used for people who have equal to or more than one million dollars as wealth/net worth.

In 2021, India had 7.96 lakh millionaires, a number that's expected to shoot up 105% to 16.32 lakh by the year 2026.

During that same period, the number of millionaires in China is expected to grow by 97% and 13% in the world's largest economy, the U.S.

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According to the estimates mentioned in the report, the number of global millionaires will exceed 87 million in 2026, i.e. a rise of 25 million from 2021.

On the other hand, the US tops the world millionaire table, still far ahead of China in second place. While India is home to about 1% of the world¡¯s millionaires, the US has 39%.

"We expect little or no change in the millionaire rankings of the countries with the next highest numbers of millionaires, i.e. Japan, the United Kingdom, France, Germany, Canada and Australia. However, some nations just below, including Korea, Taiwan (Chinese Taipei), India and Hong Kong SAR are likely to narrow the gap, particularly India, where the number of millionaires could total 1.6 million in 2026, more than double the number today," Credit Suisse said, as per the report.

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62.5 Million Millionaires In The World

Worldwide, there were 62.5 million millionaires at the end of 2021, 5.2 million more than the year before.

The report said wealth per adult in India has risen at an impressive average annual rate of 8.8% since the year 2000 and stood at $15,535 at the end of 2021, which is far below the global mean.

By year-end 2021, median wealth in India had fallen to 41% of the world value, but median wealth in China had risen to 338%. The US added the most household wealth in 2021, followed by China, Canada, India and Australia, the Credit Suisse report mentioned.

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