India to see 242,000 millionaires by 2017: Credit Suisse

October 14, 2012
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New Delhi, October 14: India is expected to see a substantial jump in the number of millionaires in the next five years as the total tally for the super rich in the country is likely to touch 242,000 by 2017, a report says.

According to a Credit Suisse Research Institute's Global Wealth Report, the number of millionaires in the country in 2012 stands at 158,000, which is likely to swell to 242,000 by the year 2017, registering an increase of 53 per cent.

The report also highlighted the stark inequality in the country as almost everyone in India (95 per cent) has wealth below USD 10,000 (about Rs 5,30,000), while at the other end a very small proportion of the population (just 0.3 per cent) has a net worth over USD 100,000.

"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.

According to Credit Suisse, India has 237,000 members of the top 1 per cent of global wealth holders. There are 1,500 UHNW individuals with wealth over USD 50 million and 700 with more than USD 100 million.

In the period under consideration from 2012 to 2017, the number of millionaires worldwide is expected to increase by about 18 million -- reaching 46 million in 2017 from 28 million in 2012.

Though the number of millionaires in emerging economies is still well below the level in the USA (16.9 million) and Europe (15.4 million), "it is expected to increase substantially in the next few years", the report said.

China could see its number double by 2017, raising the total to almost two million. A substantial increase in the number of millionaires in Brazil is also expected and it could add 270,000 millionaires by 2017, Credit Suisse said.

Others in the emerging market economies, which are likely to see a large addition in the number of millionaires include Mexico (a rise of 112,000) and Indonesia (103,000). Singapore is expected to add 93,000 millionaires, while India will see an addition of 84,000 millionaires.

Moreover, the number of millionaires in transition economies is predicted to rise substantially over the next five years, reaching more than 200,000 in Russia, 78,000 in Poland and 40,000 in the Czech Republic.


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News Network
April 6,2020

New Delhi, Apr 6: With an increase of 490 cases in the last 12 hours, the total number of COVID-19 positive cases in India climbed to 4067, said Ministry of Health and Family Welfare on Monday.

As many as 109 deaths have been reported across the country due to the deadly disease.
There are 3666 active cases in the country while 292 people have been cured/discharged/migrated.

Maharashtra has reported the highest number of COVID-19 cases so far, standing at 690, followed by Tamil Nadu and Delhi with 571 and 503 cases respectively. 

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News Network
April 11,2020

New Delhi, Apr 11: Congress leader Rahul Gandhi on hailed accredited social health activists, auxiliary nurse and midwives and anganwadi workers for their role in the fight against the coronavirus pandemic, saying they are "true patriots" who toil to keep communities safe in the midst of this grave crisis.

In an environment where fear and misinformation pose a bigger danger than the virus itself, community workers have a key role to play in educating people about the dangers of COVID-19 and the manner in which it is transmitted, Gandhi said.

In a message for Accredited Social Health Activists (ASHA), Auxiliary Nurse and Midwives (ANMs) and Anganwadi Workers, he said they are working with dedication and courage, putting their lives at risk, on the frontlines of the battle against the COVID-19 pandemic.

"The greatest form of patriotism is to serve our country in her hour of need. Our community workers are true patriots, our unsung heroes, who toil tirelessly away from the limelight, to keep our communities safe in the midst of this grave crisis," the former Congress chief said.

"As a nation, we owe them and their families a huge debt of gratitude for the tremendous personal sacrifices each of them is making. I hope that when this crisis is over their exemplary service will serve as a catalyst for deep-rooted change in their conditions of work," he said.

Gandhi said he salutes each and every community worker for their service to the nation and prays that they and their families will remain safe during this pandemic.

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Agencies
July 13,2020

Jaipur, July 13: Amid a deepening political crisis in Rajasthan where the number 2 leader of the Congress party Sachin Pilot has revolted, over 200 Income Tax (I-T) sleuths raided the residences and properties of two of Chief Minister Ashok Gehlot’s close confidants.

The Income Tax department has carried out searches at over a dozen locations linked to Congress leader Dharamender Rathore as well as jewellery firm owner Rajiv Arora, both of whom are considered close to Gehlot.

Officials said that the raids that are underway in Jaipur, Kota, Delhi, and Mumbai were done after a complaint of tax evasion was made. Under the scanner, they said, are transactions that were made outside the country.

The curious timing of the Income Tax department’s action against Gehlot’s aides has made the Congress accuse the sleuths of acting on the behest of the BJP.

Congress spokesperson Randeep Singh Surjewala tweeted: “After all, BJP's lawyers came on the field. The Income Tax Department started raids in Jaipur. When will ED arrive?”

The Congress is facing a cliffhanger in Rajasthan after the open rebellion by deputy chief minister Sachin Pilot, who on Sunday night claimed that he had the support of 30 MLAs and that Gehlot was leading a minority government in the state.

However, Congress leader Avinash Pande on Monday said 109 MLAs have signed a letter of support to the chief minister, well above the majority mark of 100. The party has issued a whip to all the MLAs, asking them to attend the Congress Legislature Party meeting at 10.30 am. 

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