Where are you in India's wealth distribution?

Where are you in India's wealth distribution?

Global wealth has grown by 27 percent, 10 years since the onset of the global financial crisis, but there is a growing gap between those at the very top and everyone else, a report by Swiss banking group Credit Suisse said Tuesday.

Some 36 million millionaires making up less than 1 percent of the adult population own 46 percent of global household wealth; 70 percent of adults - 3.5 billion people - own less than $10,000 in assets and account for 2.7 percent of wealth. By estimates, the report said adding that 1,820 adults have wealth over $ 50 million, and 760 have more than $ 100 million.

Oxfam noted that the report is just the latest sign that the world's poorest have the deck stacked against them, recalling the recent release of the Paradise Papers, which showed how the rich hide their wealth in order to avoid paying the taxes that stand to shore up public services that, when well-funded, benefit the whole population. However, given India's large population, this translates into 4.2 million people.

The US generated more than half of the total global wealth aggregation of $16.7 trn of the past 12 months. "There is some uncertainty about future interest rates and stock market prospects, but otherwise the signs are mostly positive for household wealth". There is still considerable wealth poverty as 92 per cent of the adult population has below $10,000, the report said.

Personal debts are estimated to be just 9 per cent of gross assets, overall household debt as a proportion of assets in India is lower than in most developed countries.

Overall, Credit Suisse found global wealth at mid-2017 totaled $280 trillion, up 6.4 percent year-on-year, the fastest pace of growth since 2012 thanks to surging equity markets and more valuable non-financial assets such as property.

Early this year, U.S. authorities announced a $5.28 billion settlement with Credit Suisse over its role in the sale of the kind of toxic securities that led to the global financial crisis of 2008.

Globally, Switzerland remains the richest nation in the world in terms of wealth per adult with $ 537,600 in 2017, followed by Australia ($ 402,600) and United States ($ 388,000) in the second and third place respectively, the report said.

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