In recent years, India’s economy has seen rapid growth, and with it, the number of rich people in the country has also increased significantly. Not only has the number of billionaires and millionaires risen, but even those with smaller fortunes have seen a big jump. According to a recent report, the assets of High Net Worth Individuals (HNI) and Ultra High Net Worth Individuals (UHNI) in India were valued at $1.2 trillion in 2023. The report estimates that by 2028, this wealth will grow to $2.2 trillion, with an annual growth rate of around 14%.
The Number of Millionaires is Also Increasing
According to a report by Centrum Institutional Research, in the last five years, people’s income in India has grown rapidly. The number of people earning ₹10 crore annually has jumped by 63%, reaching 31,800. Similarly, the number of people earning ₹50 lakh per year has increased by 25%, now crossing 1 million. Additionally, the number of people earning more than ₹5 crore annually has reached 58,200, marking a 49% increase over the past five years. The report mentions that between the financial years 2019 and 2024, there has been a substantial increase in the number of rich people and their wealth.
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Total Income of the Rich Has Almost Doubled in 5 Years
The report claims that the total income of people earning ₹50 lakh per year has increased by 64%, reaching ₹49 lakh crore in the past five years. Meanwhile, the total income of those earning more than ₹10 crore annually has grown by 121%, reaching ₹38 lakh crore between 2019 and 2024. Similarly, the total income of people earning more than ₹5 crore per year has risen by 106%, reaching ₹40 lakh crore.
Only 15% of Financial Wealth is Professionally Managed
The report estimates that the assets of HNIs and UHNIs in India were $1.2 trillion in 2023, and this is expected to grow to $2.2 trillion by 2028, with an annual growth rate of 14%. However, only 15% of financial wealth in India is professionally managed, compared to 75% in large economies.