June 23, 2021: The wealth of super rich Indians slips by 4.4% to $12.83 trillion last year. And this is reportedly due to the fall of value in rupee.
Wealth of super rich Indians slips
Indian business tycoons like Gautam Adani, Mukesh Ambani and the Poonawallas as well as many other Indians had seen a huge jump in their total net worth in 2020 when the global pandemic had hit the world.
But then there is the other side too. The wealth of super rich Indians slips as the overall wealth of the country’s super wealthy personalities has dipped by 4.4% that is to $12.83 trillion in the financial year due to the fall in rupee, and in their overall tally.
The number of dollar millionaires in India has fallen down from 7,64,000 in 2019 to 6,98,000 now. And this is solely because of the fall in the rupee.
Wealth of super rich Indians slips, cumulative wealth down to $594 billion
The wealth of super rich Indians slips in the last year.
Also, the cumulative wealth of these dollar millionaires had stood at $12.833 trillion and now it is down to $594 billion, which is 4.4% from the last year.
This data has been reported by the Credit Suisse Research Institute.
Notably, India is home to only 1% of the global rich, and this number rose from 5.2 million to 56.1 million in the previous year.
Nevertheless, this report expects the total number of millionaires in India to soar by 81.8% that is to 1.3 million by the year of 2025.
Every adult Indian was worth an average of $14,252 in the year 2020, and that has been growing now at an average annual rate of 8.8% from 2000 through 2020 as against the global average of 4.8% .
There were 4,320 very high net worth individuals with net worth exceeding the $50 million bar easily. According to the Hurun India Rich List, Mukesh Ambani, who is the chairman of the Reliance Industries earned ₹90 crore each hour which is ₹2,77,700 crores in last year and that took his overall wealth to ₹6,58,400 crores.
According to a Bloomberg tally, Gautam Adani, who is the chairman of the Adani Group, had earned enough for his wealth to take a jump of $16.2 billion last year to $67.6 billion as of mid-May this year.