Indians earning over ₹10cr annually up 63% in 5 years
A report by Centrum Institutional Research, has revealed a significant rise in the number of Indians with high annual incomes. The study shows that those earning over ₹10 crore per year, have seen a 63% increase in the past five years. Additionally, individuals with annual incomes exceeding ₹5 crore have also experienced a substantial growth of 49%, now totaling to around 58,200 individuals.
Wealth accumulation trend among rich Indians
The report also highlighted a 25% increase in the number of individuals earning over ₹50 lakh annually, now reaching nearly 10 lakh. This data underscores the rapid wealth accumulation trend among affluent Indians. "The wealth of rich Indians is growing at a rapid pace; between FY19 and FY24, the number of Indians earning over ₹50 million grew by 49% to 58,200," stated the report.
High-income earners' cumulative income sees rapid growth
The report further emphasized that not only has the number of high-income earners increased, but their combined income has also seen a significant rise. The total income of those earning more than ₹10 crore annually, experienced a 121% compound annual growth rate (CAGR) between FY19 and FY24, reaching ₹38 lakh crore. Similarly, the income of individuals earning over ₹5 crore saw a 106% CAGR, amounting to ₹40 lakh crore.
Financial assets of HNIs and UHNIs projected to double
Centrum also projected a significant increase in the combined financial assets of High Net Worth Individuals (HNI), and Ultra High Net Worth Individuals (UHNI) in India. The assets are expected to grow from $1.2 trillion in 2023 to $2.2 trillion by 2028, marking a potential doubling of wealth within five years.
