The dollars in the wealth kitty is shrinking for the ultra-rich in India and the villain is the falling Rupee against the US dollar.
Credit Suisse reports that that dollar millionaires in India saw their networth falling by a whopping down $594 billion due to a falling rupee resulting in a drop in the dollar value of the their holdings. The cumulative wealth stood at $12.833 trillion for 6.9 lakh dollar millionaires in the country. The number of dollar millionaires in India fell has also from 7,64,000 in 2019 to 6,98,000.
Soaring dollar continues to add pressure on the domestic currency that is now trading firmly below the 74/$ mark.