New Delhi: India may be home to a large number of poor, but the average wealth of an Indian has nearly tripled in the last 10 years to USD 5,500 (nearly Rs 2.70 lakh), making the country the sixth largest contributer to overall global wealth, a study said on Wednesday.
   
Still, the average wealth for Indians was way below the global average of USD 51,000 and just about one percent of the world's highest per-adult wealth of USD 5,40,010 recorded in Switzerland, found a global wealth study by investment banking major Credit Suisse.
    
The wealth per adult in India has increased from USD 2,000 in the year 2000 to USD 5,500 currently, but the wealth distribution remains very disproportionate and poverty was still rampant in the country, Credit Suisse said in its report.
    
"While wealth has been rising strongly in India, 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," the report said.
     
As per the study, 43 percent of adults' wealth in India is below USD 1,000, as against the world average of 27 percent.
    
Also, a very small proportion of the Indian population (just 0.4 percent) has net worth of over USD 100,000.     

The report said that the global wealth has grown by 14 percent since January 2010 to USD 231 trillion as on June 2011, driven by strong contribution from emerging economies including India.
    
India was the sixth largest contributor to the global wealth accumulation, while the US was the largest wealth generator in the world over the 18 month-period, adding USD 4.6 trillion to global wealth.
    
Asia Pacific was the main contributor to the rise in global wealth during the period, with China, Japan, Australia and India among the top six contributors to global wealth accumulation.
    
Based on Credit Suisse's June 2011 estimates, there are 84,700 ultra high net worth individuals (UHNWIs) with net assets exceeding USD 50 million each globally.
    
The USA is at the top of the ladder with 35,400 UHNWIs, followed by China with 5,400 UHNWIs, Germany (4,135), Switzerland (3,820) and Japan (3,400), Russia (1,970), India (1,840), and Brazil (1,520).
    
In the year 2011 alone, India has acquired 34,000 new millionaires, however, a larger share of these wealthy individuals "may be more properly regarded as residents of other countries" the report said.  "...these are times of unprecedented economic change, and a radical reconfiguration of the world’s economic order is taking shape. Emerging markets are important drivers of the global recovery and remain the key growth engines of global wealth," Credit Suisse Chief Executive Officer Asia Pacific Osama Abbasi said.
    
Credit Suisse further said that the personal wealth in India was heavily "skewed" towards property and other real assets like most countries in the developed world, and makes up for 88 percent of estimated household assets.
    
Personal debts are recorded at only USD 258 per adult, Credit Suisse said.
    
In term of average wealth per adult in 2011, Switzerland, Australia and Norway are the three richest nations in the world, with Switzerland recording the highest average wealth per adult at USD 540,010 - the only country to exceed USD 500,000.
    
In Asia Pacific, Singapore follows Australia as the second wealthiest nation in the region and fifth in the world in terms of average wealth.

(Agencies)