In 2021, India has 7,96 lakh millionaires, which is expected to increase by 105% to 16,32 lakhs.
In the period to 2026, the number of millionaires in China is expected to grow by 97% and 13% in the world’s largest economy, the US.
According to the financial giant’s estimates, the number of global millionaires will exceed 87 million by 2026, which is an increase of 25 million compared to 2021.
The US tops the list of world’s millionaires, leaving 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 number of millionaires, i.e. Japan, the United Kingdom, France, Germany, Canada and Australia. , several countries immediately below, including South Korea, Taiwan (Chinese Taipei), Special Administrative Region of India and Hong Kong have the potential to close the gap, especially India, where the number of Millionaires could reach 1.6 million by 2026, more than double the current number,” Credit Suisse said.
Worldwide, there are 62.5 million millionaires at the end of 2021, 5.2 million more than the year before.
The report said richness per adult in India has grown at an impressive annual rate of 8.8% since 2000 and at $15,535 by the end of 2021, much lower than the global average.
By the end of 2021, the average wealth in India has fallen to 41% of world value, but the average wealth in China has increased to 338%.
Credit Suisse says the US will add the most affluent households in 2021, followed by China, Canada, India and Australia.