The average personal wealth in India has dropped below $5,000 per person, stressing a widening inequality in a country home to many of the world’s richest, reports the Wall Street Journal.
Credit Suisse’ Global Wealth report shows that India’s individual wealth fell to $4,250 in the year that ended in June from $5,300 a year earlier, despite experiencing economic growth. India landed under the bank’s blue category – the lowest of four – with a 13.6% decrease compared to the world-wide average of 5.2% to $49,000 per person.
According to the bank, an average adult in China has assets worth $20,452, $24,600 in Brazil, and $12,161 in Russia. India’s wealthy – the lucky 1,500 with assets worth $50 million or more – help paint a stark contrast in the country’s income landscape.
Credit Suisse believes that India’s middle class – individuals worth between $10,000 and $100,000 in assets – will increase with 40 million adults more in the next five years.