The pandemic and the subsequent lockdown may have had a devastating impact on people’s livelihoods and incomes globally, but there has also been a paradoxical rise in household wealth in India, according to the findings in Credit Suisse Group AG’s 2020 Global Wealth Report released last Thursday. India and China are reported to have seen gains in household wealth in the first half of the year, up 4.4 per cent and 1.6 per cent, respectively.
Globally, household wealth has held up in these six months even as South America suffered badly on this metric due to local currency devaluations, with individual wealth taking a hit across geographies during this period.
There are other global trends that run counter to the generally established norms:
# A major distortion is that stocks and bonds have moved in tandem during much of the last six months, which does not typically happen.
# Then there is a twist in the otherwise synchronised choreography involving copper and gold prices. Almost always,