17,000 new credit cards issued by ICICI linked to wrong users

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The household wealth in India fell nearly 6.1% in terms of dollars and 3.7% in rupee terms last year, the Credit Suisse Global Wealth Report 2021 revealed. A sharp contraction in non-financial assets like actual property, etc. during 2020 were blamed for the fall. These witnessed a fall of 8.4% greater than offsetting a 2% uptrend in monetary belongings since the inventory market staged a rebound from the primary wave of the pandemic.

Not just household wealth, India’s inequality also rose up the ladder with the support from recovering share prices. The Gini coefficient, which is a measure of inequality with a higher figure denoting higher levels of inequality, increased from 74.7 in 2000 to 82.0 in 2019, and reached 82.3 at the end of 2020.

“The wealth share of the top 1% went up from 33.5% in 2000 to 39.5% in 2019, and rose further to 40.5% by the end of 2020. The increases in both China and India in 2020 partly reflect the sizable gains in share prices over the year in the two countries,” the Credit Suisse Report revealed.

The report further explained the higher share of financial assets among Chinese households compared to those of India. Financial assets in China now account for 44.2% of gross household assets compared to 36.4% in 2000. At the same time, corresponding ratios in India stood at 23.3% and 24.1% in the respective years.

“The growth of financial assets has been quicker in China due to both high saving and strong stock market performance in most years. Since 2000, financial assets per adult have risen by 16.5% on average in China, far ahead of what is still a good performance in India, where the average annual growth rate was 8.7%,” the report quoted.

Meanwhile, global wealth managed to remain immune to the side effects of the global pandemic. It rose $28.7 trillion to succeed in $418.3 trillion on the finish of the 12 months. As per present dollar valuations, collective wealth on Earth grew by 7.4% and wealth per grown up witnessed a jump of 6%.

Notably, North America and Europe accounted for the majority of the wealth features in 2020, the report said.