November16, 2017 (C) Ravinder Singh email@example.com
China Adult Wealth Growth $18,809 – India $960* Since 2007- *Corrected Figure
As per the latest Credit Suisse Wealth Report 2017 while adult wealth in China grew by $18,809 since 2007, India’s growth was just $3,970 figure for USA is $1,16,580.
India has 245,000 $m plus wealth owning adults, China 1,953,000, USA 15,363,000.
India has only 1820 $50m plus Wealth holding adults,Switzerland 2,780, China 18,100 and USA 72,000 out of 148,200.
Worst of all Financial Wealth in India per adult is pathetic $837,USA $275,895, China $13,270.
This implies most of the Financial Wealth is Owned by Corporates or Banks – very little with average Indian.
Wealth per adult has grown strongly in China, rising from USD 5,410 to USD 26,870 over 2000-2017. Global Financial crisis caused a major setback, and wealth fell by almost 20%. It soon overtook its pre-crisis level, however, and although it grew more slowly than before the crisis, wealth per adult is now 70% above its 2007 level. Signs for the next year are generally positive, with GDP growth having stabilized and infrastructure and other investment strong. There is reason to be cautiously hopeful about the prospects for growth in China’s household wealth in the near term.
In terms of its own currency, India’s wealth has grown quite quickly since the turn of the century, except during the global financial crisis averaged 7% over 2000–2017. Prior to 2008, wealth also rose strongly in US dollar terms, from USD 2,010 in 2000 to USD 5,020 in 2007. After falling 26% in 2008, it rebounded, reaching USD 5,050 in 2010, but since then has risen only 18%, being held back by currency depreciation. Wealth per adult is estimated at USD 5,980 in mid-2017.
Average wealth was USD 211,000 in 2000, and rose fairly steadily until 2006 financial crisis. Wealth per adult has now fully recovered, and is 30% above the 2006 level. There is some uncertainty about future interest rates and stock market prospects, but otherwise the signs are mostly positive for household wealth. [USD 388,600 – 2017]
The USA has a high proportion of assets (71%) reported as financials partly because it includes business equity wholly as financial assets. Adopting the more usual procedure of treating unincorporated enterprises as part of the household sector, the fact that, compared with many other OECD (Organisation for Economic Co-operation and Development) countries, the USA has more economic activity in the private relative to the public sector. The USA also has more outward foreign investment. Debts of USD 60,200 per adult are not extreme by international standards.
Ravinder Singh, Inventor & Consultant, INNOVATIVE TECHNOLOGIES AND PROJECTS
Y-77, Hauz Khas, ND -110016, India. Ph: 091- 8826415770, 9871056471, 9650421857
Ravinder Singh* is a WIPO awarded inventor specializing in Power, Transportation,
Smart Cities, Water, Energy Saving, Agriculture, Manufacturing, Technologies and Projects