Wealth of India’s super-rich slips 4.4% in 2020 due to rupee fall: Report

In spite of Mukesh Ambani, Gautam Adani, the Poonawallas and many other Indians seeing a jump in their net worth in the pandemic-hit 2020, overall wealth of the country’s super-rich dipped 4.4 per cent to USD 12.83 trillion in the year due to the rupee’s fall, and so did their tally, says a report. The number of dollar millionaires in India fell from 7,64,000 in 2019 to 6,98,000 solely because of the rupee’s fall, while their cumulative wealth stood at USD 12.833 trillion, down USD 594 billion or 4.4 per cent from the previous year, according to the report by Credit Suisse Research Institute. The country is home to just 1 per cent of the global rich, whose number rose by 5.2 million to 56.1 million in the COVID-hit year.

However, the report expects the number of millionaires in India to soar 81.8 per cent to 1.3 million by 2025. Each adult Indian was worth an average USD 14,252 in 2020, which has been growing at an average annual rate of 8.8 per cent from 2000 through 2020 as against the global average of 4.8 per cent. There were 4,320 ultra-high networth individuals with net worth exceeding USD 50 million. Reliance Industries Chairman Mukesh Ambani had earned Rs 90 crore every hour or Rs 2,77,700 crore in 2020, taking his overall wealth to Rs 6,58,400 crore, according to the Hurun India Rich List. Adani Group Chairman Gautam Adani’s wealth jumped USD 16.2 billion in 2020 to USD 67.6 billion as of mid-May, according to a Bloomberg tally. Global wealth climbed by USD 28.7 trillion to USD 418.3 trillion, after losing USD 17.5 trillion in the market rout in the first quarter, while the number of overall global millionaires jumped by 5.2 million to 56.1 million, as per the Credit Suisse report.

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