India’s per capita wealth has tripled in the last 15 years, growing at the fifth-fastest pace worldwide, market research company New World Wealth said in a report.
The Johannesburg-based company ranks about 120 countries on net assets, including property, cash, equities and business interests of all individuals in a country.
The report said India’s per capita wealth increased to $2,800 in 2015 from $900 in 2000. Only Indonesia, China, Russia and Australia recorded a faster growth rate.
Growth in India’s per capita wealth was in line with the 250 per cent increase in per capita income during the period.
Rich but poor
Although India was ranked 10th in terms of total wealth, it was placed 20th in terms of wealth per capita owing to its large population.
While India has seen high rates of growth, the rich have accrued most benefits with the number of multi-millionaires rising exponentially.
India’s per capita wealth in 2015 was less than half of Indonesia’s and even below some under-developed nations of Africa.
India was home to the largest number of poor in 2012. Though the country has made progress, it hasn’t been able to lift many people out of poverty.