NEW DELHI: A new report from Centrum Institutional Research reveals a 63% increase in the number of Indians earning over Rs 10 crore annually over the past five years.
Currently, approximately 31,800 individuals in India earn more than Rs 10 crore annually, marking a 63% increase over the past five years. The number of people earning more than Rs 50 lakh a year has increased by 25%, reaching almost 10 lakh individuals over the same period.
The report shows that those earning more than Rs 5 crore annually have increased to 58,200 individuals, marking a 49% growth.”The wealth of rich Indians is growing rapidly; between FY19 and FY24, the number of Indians earning over Rs 50 million grew by 49% to 58,200, while those earning over Rs 100 million increased by 63% to around 31,800,” the report stated.
The total income of people earning over Rs 50 lakh per year grew by 64% to Rs 49 lakh crore over the last five years. Income for individuals making more than Rs 10 crore surged by 121% CAGR between FY19 and FY24, reaching Rs 38 lakh crore. Income for those earning over Rs 5 crore increased by 106%, amounting to Rs 40 lakh crore.
“The count of individuals making over Rs 5 million rose by 25% to around 1 million. Over the same period, total income for those earning more than Rs 50 million soared by 106% to Rs 40 trillion, for those making over Rs 100 million surged by 121% to Rs 38 trillion, and for those earning above Rs 5 million climbed by 64% to Rs 49 trillion,” the report added.
The report predicts that the combined assets of High Net Worth (HNI) and Ultra High Net Worth Individuals (UHNI) in India will increase from USD 1.2 trillion in 2023 to USD 2.2 trillion by 2028, growing at 13-14% annually. Mass and affluent markets are expected to grow in the early double digits. Only 15% of India’s financial wealth is professionally managed, compared to 75% in advanced economies.