Mumbai: Real estate-led the per capita wealth creation of the country's adult population which has grown at 8 per cent per annum in the past 14 years to $4,650 (Rs. 2,83,650 approximately) in mid-2014, according to a report by Credit Suisse.
"In rupee terms, the wealth per adult has grown quite steadily, averaging an 8 per cent on annual basis during 2000-14," Credit Suisse said in its global wealth report 2014.
The report said household wealth in the country is heavily skewed towards property and other real assets, which make up 86 per cent of estimated household assets.
According to the report, the per capita personal debt is only $315 in the country per adult population, even when adjustments are made for the significant underreporting that is believed to affect the household survey used to estimate personal debt.
Credit Suisse said that until the global financial crisis, wealth in the country also rose strongly in dollar terms from $2,040 in 2000 to $5,100 in 2007.
"After falling 25 per cent in 2008, it rebounded, reaching $5,400 in 2010, but then fell 13 per cent in 2011 due to adverse exchange rate movements," the report said.
Depreciation of the rupee has continued since, at a slower rate, so that wealth per adult has not regained its previous peak and was just $4,650 in mid-2014, it said.
The report said while wealth has been rising strongly, and the ranks of the middle class and wealthy have been swelling, not everyone has shared in this growth and there is still a great deal of poverty.
"This is reflected in the fact that population has wealth below $10,000," it said.
The report said the country has 2,38,000 households in the top 1 per cent of global wealth holders, which equates to a 0.5 per cent share.
It estimates that 1,000 adults have wealth over $50 million and 650 own more than $100 million.