Wealth report
Wealth of Indian adults rises marginally amid covid outbreak: Credit Suisse
2 min read . 08:44 AM ISTNeil Borate- Comparing this to the World Bank’s estimate of per capita income at USD 2,104 for 2019, India’s wealth per adult translates to 8.27 times it’s annual per capita income
Wealth per adult in India rose 0.6% to USD 17,420, despite covid-19 bringing economic activities across the nation to a standstill with gross domestic product (GDP) contracting 23.9% in the first quarter of the current fiscal, shows the Global Wealth Report 2020 by Credit Suisse. As per the report, wealth per adult in India stood higher at USD 17,299 as on 31 December 2019, from USD 14,569 in June 2019.
The Credit Suisse Research Institute attributed the upgrade to a change in its entire data series based on estimates from Karvy Private Wealth, an arm of the Karvy Group.
“In the past, we estimated Indian wealth figures from a limited amount of survey data. This year we had balance sheet data for financial assets for 2010-19 from what seems a reliable source: Karvy. We therefore revised the complete series for financial assets in India to align them to this data. This was the biggest change in source data for any country this time round," said Professor Anthony Shorrocks, one of the co-authors of the report in response to a query from Mint.
Comparing this to the World Bank’s estimate of per capita income at USD 2,104 for 2019, India’s wealth per adult translates to 8.27 times it’s annual per capita income. In rupee terms at today’s exchange rates, this implies wealth of ₹12.86 lakh per adult. The Credit Suisse Wealth report measures wealth in current and not constant prices.
The 2020 report has made similar changes to other parameters of India’s wealth. Personal debt per adult was reduced from USD 1,345 (end June 2019) to USD 1,080 (end December 2019). Population with wealth below USD 10,000 fell from 78% to 73% and the proportion of adults with wealth above USD 100,000 rose from 1.8% to 2.3%.
Putting aside the divergence between the old and new series, a look at the new series alone also reveals relatively optimistic estimates. According to Credit Suisse, financial assets of Indians in calendar year 2019 grew by 8.6%, non-financial assets grew by 12.5% and debts grew by 14.4%. This placed a growth in wealth per adult at 9.4% in calendar year 2019. According to the report non financial assets are 78% of household wealth implying a buoyant growth in the real estate market. Official data however has presented a more muted picture, pegging nominal GDP growth in FY 2019-20 at 7.2%.
Click here to read the Mint ePaper
Mint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.
' x='0' y='0' height='100%25' width='100%25' xlink%3Ahref='data%3Aimage/jpeg;base64,/9j/4AAQSkZJRgABAQAAAQABAAD/2wBDABALDA4MChAODQ4SERATGCgaGBYWGDEjJR0oOjM9PDkzODdASFxOQERXRTc4UG1RV19iZ2hnPk1xeXBkeFxlZ2P/2wBDARESEhgVGC8aGi9jQjhCY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2P/wAARCAAFAAoDASIAAhEBAxEB/8QAFgABAQEAAAAAAAAAAAAAAAAAAAQF/8QAHRAAAQQCAwAAAAAAAAAAAAAAAQACAxEEUSGR4f/EABUBAQEAAAAAAAAAAAAAAAAAAAQF/8QAGBEAAwEBAAAAAAAAAAAAAAAAAAECElH/2gAMAwEAAhEDEQA/ANCWKSPDLxMS/fNdWqBjx0LLyd34iKSrY3E8P//Z'%3E%3C/image%3E%3C/svg%3E)
Flipkart fashions new front in Amazon fight
3 min read . 05:42 AM ISTWalmart unit gets an edge as it buys ₹1,500 cr stake in ABFRL
No more scotch? India moves to ban imported goods at military shops
2 min read . 08:49 AM ISTThe Oct. 19 internal order from the defence ministry, reviewed by Reuters, said that in future, 'procurement of direct imported items shall not be undertaken'.
' x='0' y='0' height='100%25' width='100%25' xlink%3Ahref='data%3Aimage/jpeg;base64,/9j/4AAQSkZJRgABAQAAAQABAAD/2wBDABALDA4MChAODQ4SERATGCgaGBYWGDEjJR0oOjM9PDkzODdASFxOQERXRTc4UG1RV19iZ2hnPk1xeXBkeFxlZ2P/2wBDARESEhgVGC8aGi9jQjhCY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2P/wAARCAAFAAoDASIAAhEBAxEB/8QAFgABAQEAAAAAAAAAAAAAAAAAAAEG/8QAHRAAAgICAwEAAAAAAAAAAAAAAQIDEQAxBQYhFP/EABQBAQAAAAAAAAAAAAAAAAAAAAL/xAAWEQEBAQAAAAAAAAAAAAAAAAAAATH/2gAMAwEAAhEDEQA/AI6yHszwrKykEuH35Vha1WaFOLmdFb7Ni/YheMYYVx//2Q=='%3E%3C/image%3E%3C/svg%3E)
Take one for growth. RBI’s new MPC bats for investment revival
2 min read . 23 Oct 2020- The minutes of the MPC’s October meeting reveals that the government bond yield curve and what its implications are for investments found fair place in discussions, besides inflation and growth dynamics
Your morning ritual now travels with you!
Try Mint E-paper' x='0' y='0' height='100%25' width='100%25' xlink%3Ahref='data%3Aimage/jpeg;base64,/9j/4AAQSkZJRgABAQAAAQABAAD/2wBDABALDA4MChAODQ4SERATGCgaGBYWGDEjJR0oOjM9PDkzODdASFxOQERXRTc4UG1RV19iZ2hnPk1xeXBkeFxlZ2P/2wBDARESEhgVGC8aGi9jQjhCY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2P/wAARCAAFAAoDASIAAhEBAxEB/8QAFgABAQEAAAAAAAAAAAAAAAAAAAME/8QAHRAAAgICAwEAAAAAAAAAAAAAAQIAAwQRBRIxkf/EABQBAQAAAAAAAAAAAAAAAAAAAAT/xAAZEQADAAMAAAAAAAAAAAAAAAAAAQIhMXH/2gAMAwEAAhEDEQA/AL8pnPg5i1VIhHRCS2z6BubrskV32IKl0rED7EQ62xdLE8P/2Q=='%3E%3C/image%3E%3C/svg%3E)
The electoral calculus in Bihar, explained in 10 charts
6 min read . 07:58 AM ISTNitish Kumar is facing anti-incumbency after 15 years in power, but a committed voter base and the lack of a better option make him best-placed to win
' x='0' y='0' height='100%25' width='100%25' xlink%3Ahref='data%3Aimage/jpeg;base64,/9j/4AAQSkZJRgABAQAAAQABAAD/2wBDABALDA4MChAODQ4SERATGCgaGBYWGDEjJR0oOjM9PDkzODdASFxOQERXRTc4UG1RV19iZ2hnPk1xeXBkeFxlZ2P/2wBDARESEhgVGC8aGi9jQjhCY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2P/wAARCAAFAAoDASIAAhEBAxEB/8QAFgABAQEAAAAAAAAAAAAAAAAAAAIF/8QAHRAAAQQCAwAAAAAAAAAAAAAAAQACAwQFISIjcf/EABUBAQEAAAAAAAAAAAAAAAAAAAID/8QAFhEBAQEAAAAAAAAAAAAAAAAAAQAC/9oADAMBAAIRAxEAPwCs1dbbsWTJAOmBoby9KwQS8BxOztERa2Ab/9k='%3E%3C/image%3E%3C/svg%3E)
India needs a digital backbone for efficient covid-19 vaccine distribution: Shaw
6 min read . 23 Oct 2020Biocon chairperson speaks about the company's Q2 results and the challenges that India will encounter in vaccine distribution
' x='0' y='0' height='100%25' width='100%25' xlink%3Ahref='data%3Aimage/jpeg;base64,/9j/4AAQSkZJRgABAQAAAQABAAD/2wBDABALDA4MChAODQ4SERATGCgaGBYWGDEjJR0oOjM9PDkzODdASFxOQERXRTc4UG1RV19iZ2hnPk1xeXBkeFxlZ2P/2wBDARESEhgVGC8aGi9jQjhCY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2P/wAARCAAFAAoDASIAAhEBAxEB/8QAFgABAQEAAAAAAAAAAAAAAAAAAAIF/8QAIBAAAQMCBwAAAAAAAAAAAAAAAQADEQITBBUhMTNBov/EABUBAQEAAAAAAAAAAAAAAAAAAAAD/8QAFhEBAQEAAAAAAAAAAAAAAAAAAAER/9oADAMBAAIRAxEAPwC80LbzNNok1TrcI6nZaIx8ji9IinDX/9k='%3E%3C/image%3E%3C/svg%3E)
Tech Mahindra profit up 9.5% sequentially in September quarter
1 min read . 23 Oct 2020The firm also announced 2 strategic acquisitions—Momenton, an Australian digital enterprise tech firm offering consultancy and implementation services; and Tenzing Ltd, a New Zealand-based technology consulting company
Bajaj Auto plans a dedicated plant for electric scooter Chetak
3 min read . 23 Oct 2020- Delhi, Bangalore and Hyderabad are among the key locations that are being evaluated by the company
- The electric scooter is currently produced at the company’s Chakan plant, a unit that typically operates at near-100% capacity utilization round the year
Pakistan to stay on FATF grey list till February 2021
2 min read . 23 Oct 2020- India's nuclear-armed neighbour failed to meet the conditions needed for unfettered access to international funds
- In a statement, the FATF urged Pakistan to complete an internationally agreed action plan by February 2021
MPC members differ over growth recovery
4 min read . 23 Oct 2020- RBI deputy governor Michael Patra spoke about the need to exercise pragmatic caution even as some high frequency indicators indicate a sequential improvement
- Governor Shaktikanta Das, on the other hand, was more optimistic about a strong economic rebound by next year
FB grilled by parliament panel, Amazon in cross hairs over refusal to attend
4 min read . 23 Oct 2020- The members of JPC raised questions about data protection and data portability with the Facebook India representatives
- Amazon conveyed in a letter to the committee that most of its experts were overseas and it was difficult for them to travel at this time
Next 3 months will help determine the situation of Covid in India: Vardhan
3 min read . 23 Oct 2020- In the last three months, the country has seen significant improvement in the Covid parameters
- The Health Minister held a meeting ministers and other senior officials of Uttar Pradesh to review Covid-19 preparedness
GST: Centre transfers ₹6,000 crore as first tranche to 16 states, 2 UTs
2 min read . 23 Oct 2020- The interest rate has been fixed at 5.19%
- The tenor of borrowing will be broadly in the range of 3 to 5 years, finance ministry said
YES Bank Q2 results: Net profit at ₹129.37 crore; asset quality improves
2 min read . 23 Oct 2020- The bank’s gross non-performing assets (NPAs) stood at 16.30% against 17.30% a quarter ago
- The Net Interest Income increased 3.4% quarter-on-quarter to ₹1,973 crore
PM Modi to brainstorm with global oil major chiefs on Monday
2 min read . 23 Oct 2020- The meeting this year is expected to see participation from around 45 CEOs of major oil and gas firms
- India is exploring the possibility of storing crude oil in the Strategic Petroleum Reserve of the US
UPSC Civil Services Prelims 2020 results declared: Check here
2 min read . 23 Oct 2020All those who have appeared for the UPSC Prelims 2020 examination, which was conducted on 4 October this year, can now download their results online
The world will be a much safer place because... See Anand Mahindra's post
2 min read . 23 Oct 2020- Anand Mahindra shared a post on Twitter, showing the digital way of dealing with 'violence' along with a video
- In the video, two people can be seen talking to each other over video conferencing platforms. However, within seconds, they start yelling at each other showing slippers on the video cam
Covaxin likely to be at least 60% effective, says Bharat Biotech
2 min read . 23 Oct 2020- 'The efficacy results should be available by early April-May, 2021,' Sai Prasad, executive director, Bharat Biotech
- For phase III trial, the drugmkaer plans to enroll 26,0000 volunteers aged 18 years and above
Coronavirus update: Bharat Biotech aims to launch Covaxin by June 2021
3 min read . 23 Oct 2020- The vaccine maker to enrol 26,000 subjects for phase 3 trial starting mid-November. The trial will be conducted across 25-30 sites in the country and the process of getting ethics committee approvals of individual sites is on
5paisa.com becomes fastest Indian stock broking firm in acquiring 10 lakh users
1 min read . 23 Oct 2020- The platform witnessed a steep rise in the number of customers during the nationwide COVID-19 lockdown
- Our mobile-first platform is designed to meet genuine expectations of millennial and millennial across India, said Prakarsh Gagdani, CEO, 5paisa.com
Sebi levies fine on Biocon employee for violating insider trading norms
1 min read . 23 Oct 2020- Singh's transactions exceeded the value of ₹10 lakh on two occasions and were required to be disclosed within two days, but she failed to do so
- Sebi imposed a consolidated fine of ₹3 lakh on Singh for both the violations -- not obtaining pre-clearance and making delayed disclosures
WHO says it will have advice on remdesivir in 3-4 weeks
1 min read . 23 Oct 2020- A WHO panel will convene next week to look at all evidence of the effectiveness of the drug
- WHO chief scientist Soumya Swaminathan said the U.S. FDA drug regulator does not appear to have taken the results of the global health body's study into account in giving approval
India needs a sustainable healthcare system post pandemic too: AIIMS director
4 min read . 23 Oct 2020- Surveillance, containment and collaboration are also crucial to create a pandemic-resistant world, says Randeep Guleria
- Covid-19 has posed challenges and created opportunities for healthcare system, he says
Centre kicks off GST compensation release under special borrowing scheme
2 min read . 23 Oct 2020- The Centre borrowed and transferred ₹6,000 crore to 16 states and two union territories on Friday under the scheme
- Out of the 21 states that opted for the borrowing scheme, five did not have any revenue shortfall to be compensated
Covid-19 plasma therapy shows little benefit in patients in India, study finds
3 min read . 23 Oct 2020The study, published in the British Medical Journal (BMJ), involved 464 adults with moderate COVID-19 who were admitted to hospitals in India between April and July
New Parliament building to be ready by Oct 2022; construction to begin this Dec
5 min read . 23 Oct 2020The new building will also have a grand Constitution Hall to showcase India's democratic heritage, a lounge for members of Parliament, a library, multiple committee rooms, dining areas and ample parking space
New Covid-19 infections in US approach record single-day high
3 min read . 23 Oct 2020- There are now nearly 41,000 hospitalized coronavirus patients across the country, up 34% from Oct.
- On Thursday, there were 916 reported fatalities in the United States, a day after the country recorded over 1,200 new deaths for the first time since August
Nestle India to invest ₹2,600 crore in scaling capacity
2 min read . 23 Oct 2020- Nestle's profit for the September quarter stood at ₹587 crore, down 1.37% year-on-year from ₹595.27 crore
- For quarter ended 30 September, the company posted a 10.1% year-on-year jump in sales at ₹3,525 crore
Nifty ends higher but shows tentativeness around 12,000 again. What analysts say
2 min read . 23 Oct 2020- Nifty has hit 12,000 level on an intra-day basis thrice in the past 10 sessions but failed to close above that level
India invested deeply in success of United Nations: Jaishankar
2 min read . 23 Oct 2020- The external affairs minister also said that India is looking forward to beginning its eighth term as a non-permanent member of the UN Security Council
- India has been elected as a non-permanent member of the UN Security Council (UNSC) for a two-year term, beginning January 2021
Lalu coming out on bail on Nov 9, Nitish's farewell next day: Tejashwi
3 min read . 23 Oct 2020- Prasad is in judicial custody in Jharkhand capital Ranchi after his conviction in fodder scam cases
- Tejashwi said Bihar has a budget of ₹2.13 lakh crore and the Nitish Kumar government manages to spend just 60 per cent of it
India needs to fix domestic issues to face world with more credibility: Tharoor
3 min read . 23 Oct 2020- Tharoor said India must use its capacity to demand constructive changes in global governance
- Tharoor said it was important for India to come across to the rest of the world as an example of a thriving and harmonious society
Promise of 19 lakh jobs akin to ₹15 lakh in bank accounts, says Rahul in Bihar
2 min read . 23 Oct 2020The Congress leader alleged that PM Modi and CM Nitish Kumar broke the backbone of the farmers, and medium and small businesses in Bihar
Food security is as important as national security: Punjab FM
1 min read . 23 Oct 2020Manpreet Singh Badal said this at the Public Affairs Forum of India’s 7th National Forum 2020
Gold prices today struggle after sharp fall, silver rates drop
1 min read . 23 Oct 2020- Gold investors awaited further clarity on US coronavirus aid package
- Both gold and silver had tumbled in the previous session
Govt to sell up to 15% stake in RVNL via OFS
1 min read . 23 Oct 2020- The government will appoint up to three merchant bankers for managing RVNL share sale
- During the current financial year, the government has mopped up ₹6,138.48 crore through OFS and IPO of PSUs
Income tax rules, exclusions for clubbing income of minor child and spouse
1 min read . 23 Oct 2020If the minor child is suffering from any disability of any nature specified under Section 80U of the Income Tax Act, the income cannot be clubbed.
It may take years for India's GDP to regain lost output: RBI MPC member
3 min read . 23 Oct 2020'There is also an anecdotal sense that the economy’s potential output has fallen, and the post-Covid growth trajectory will look very different from what has been recorded so far,' says Michael Patra in MPC minutes
Bengaluru's infra crumbles as heavy downpour triggers waterlogging: See pics
1 min read . 23 Oct 2020- As intense rainfall lashed the city and its suburbs, it led to inundation in several areas
- The rains were accompanied by thunderstorms and cool breeze
No comments:
Post a Comment
Ameya jaywant narvekar