The number of ultra rich in the country is expected to reach 3,72,000, while the total household income is likely to grow by 7.5 per cent annually to touch $7.1 trillion by 2022.
"This report highlights the huge gulf between the haves and the have nots-the world's richest one percent own more than everyone else combined while the poorest half of the population share less than a penny of every pound of wealth", said Katy Chakrabortty, head of advocacy for Oxfam, in a statement. By estimates, the report said adding that 1,820 adults have wealth over $ 50 million, and 760 have more than $ 100 million.
According to Credit Suisse Global Wealth Report, since 2000, wealth in India has grown 9.9 per cent per annum, faster than the global average of 6 per cent even when taking into account population growth of 2.2 per cent annually. And the wealth outpaced population growth to a record high of $56,540 per adult.
"Looking at the bottom of the wealth distribution, 3.5 billion people - corresponding to 70 percent of all adults in the world - own less than 10,000 USA dollars", said the report.
However, comparing wealth across all countries, the United States continues to be the global leader. At the other extreme, a small fraction of the population (just 0.5 per cent of adults) has a net worth over $ 100,000. Adults between the ages of 20 and 29 especially "faced the rigors of the financial crisis and the high unemployment that followed in many countries, and have also been widely hammered by high housing prices, rising student debt, and increasing inequality", according to the report.
The quickest wealth spurt happened over the past 12 months, with the top 1 percent boosting their value by 6 percent to a total of $280 trillion.
The rise in the stock market is the biggest reason for the gains, which in turn were driven by both stronger underlying economic conditions and the prospect of lower taxes and deregulation, Credit Suisse reported. Stock market gains helped add $8.5 trillion to U.S. household wealth during that period, a 10.1% rise.
"The top wealth earners in particular benefited, and, across all regions, wealth inequality rose from 2007 to 2016", said the Credit Suisse Research Institute's 2017 Global Wealth Report.