Thursday, 23 November, 2017

Where are you in India's wealth distribution?

India home to 2,45,000 millionaires household wealth at $5 trillion Credit Suisse Fined $135 Million by New York Watchdog for Rigging FX Market
Preston Stone | 15 November, 2017, 12:47

India has 3,40,000 adults in the top 1 per cent of global wealth holders, which is a 0.7 per cent share, according to a Credit Suisse report released on Tuesday.

A decade on from the onset of the global financial crisis, global wealth has grown by 27 percent, this according to Credit Suisse Research Institute's 2017 Global Wealth Report.

In a statement, Credit Suisse said Monday it was pleased to have reached the settlement, though it didn't admit or deny the allegations.

"While the bottom half of adults collectively own less than 1 percent of total wealth", the report adds, "the richest decile (top 10 percent of adults) owns 88 percent of global assets, and the top percentile alone accounts for half of total household wealth".

Introducing the report, Urs Rohner, chairman of Credit Suisse, said: "Those with low wealth tend to be disproportionately found among the younger age groups, who have had little chance to accumulate assets, but we find that millennials face particularly challenging circumstances compared with other generations".

"They are also set to experience less access to pensions than their predecessors", the report noted. "In some low-income countries in Africa, the percentage of the population in this wealth group is close to 100 percent", according to Credit Suisse's report.

It pointed to "widespread gains in equity markets", at the same time as non-financial assets like real-estate for the first time passed the level they were at when the global financial crisis struck in 2007.

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But while wealth grew worldwide, some obviously benefitted more than others. Wealth in the Asia-Pacific grew by 3 percent to $89 trillion, putting the region ahead of Europe on $80 trillion and behind the USA on $93.6 trillion.

And since year 2000, the number of millionaires globally has increased 170 percent, while the number of people with more than $30 million to their name has ballooned five-fold to around 45,000 worldwide, the study showed.

Geographically, the United States raked in most of the global wealth gains.

The US generated more than half of the total global wealth aggregation of $16.7 trn of the past 12 months.

Credit Suisse shared information with other banks which may have allowed coordinated trading and "manipulation of exchange rates", the Department of Financial Services (DFS) in NY said in an order announcing the fine.

Switzerland meanwhile remained the country with the highest average wealth per adult, with that number soaring 130 percent since the turn of the century to $537,600.

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