Mumbai: India’s wealthy remained relatively insulated from the economic disruptions caused by coronavirus. Wealth per adult in India as on the half year ended June 30 rose 0.7% from 2019, according to a Global Wealth Report by Credit Suisse. “Wealth per adult stood at $17,300 at the end of 2019 after a year of moderate growth and was $17,420 at end June 2020, showing some growth despite the pandemic,” said the report.Average wealth rose by 1.7% over the first half of 2020, the financial services firm said. Credit Suisse estimates that the rise in average wealth for 2020 will be 5%-6% and 2021 will see growth of about 9%. The report also said that household wealth in India is dominated by property and other real estate assets but financial assets have grown over time, and now form 22% of gross assets. The year 2019 saw 12.5% growth in non-financial assets compared to 8.6% growth in financial assets, the wealth manager said. Credit Suisse said wealth inequality remains quite high in India.
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