While Europeans got poorer, Indians got 4 times richer in the last decade

Local Press Co 5-point Snippet

1. A report by ‘New World Wealth’ has revealed that the average wealth of an Indian citizen has increased by 400 percent during the period from 2005-2015.

2. The study also revealed that during the same period, the average wealth of a European citizen declined by 5 percent. The decline has been primarily attributed the global financial crisis of 2008.

3. Other than India, other Asian countries like China and Vietnam have also witnessed a similar surge in wealth.

4. In comparison, the wealth of an average Australian citizen grew by 100 percent and that of a Canadian citizen grew by 50 percent.

5. The study also predicts a similar trend to continue in the future with European citizens moving their wealth out of EU and losing manufacturing jobs to Asian countries.