Indian housewives possess 11% of the worlds gold. This means that they possess over 18,000 tons of gold all together.
This also means that they hold more hold than Switzerland, United States and Germany combined!
Most of their $329 billion of savings is actually held in gold, rather than currency.
For all of you gold fans, this translates to more than $950 billion dollars worth of gold total.
India has quickly become the world’s epicenter for the largest consumer of gold with China in a close second.
Gold has become a true part of India’s culture and traditions.
In their culture, they have what is called “perceived wealth”.
This means that even in harsh times, they are very hesitant to give up their gold.
There is a stigma attached to Indians giving away this type of possession and currency.