NTI: India has been witnessing a significant surge in the number of wealthy individuals and their earnings. This trend is evident in the latest data from a report by Centrum Institutional Research. According to the report, over 31,000 people in India now earn more than ₹10 crore annually, while those earning ₹5 crore or more have exceeded 58,000. These figures reflect the impressive growth in the earnings of high-net-worth individuals (HNIs) in the country.
A Remarkable Increase in Wealth Over Five Years
The Centrum Institutional Research report covers data from 2019 to 2024, highlighting a rapid increase in the number of crorepatis in India. In just five years, the number of individuals earning more than ₹10 crore annually has surged by 63%, now totaling 31,800. During this period, the collective net worth of these individuals has soared by an astounding 121%, reaching ₹38 lakh crore.
Similarly, the number of Indians with an annual income exceeding ₹5 crore has seen a 49% rise over the same five-year period, with their total now standing at 58,200. Their combined net worth has also witnessed a substantial increase of 106%, amounting to ₹40 lakh crore.
Earnings Growth Despite the Pandemic
These figures reveal the tremendous growth in the earnings of Indians over the last five years, even amidst the challenges posed by the COVID-19 pandemic. The report predicts that the earnings of high-net-worth individuals in India could grow at an annual rate of approximately 14% by 2028, potentially reaching $2.2 trillion.
Interestingly, only 15% of people in India have their financial wealth managed by professionals, compared to the global average of 75%. This gap suggests a significant opportunity for wealth management services in the country. Additionally, the shift towards entrepreneurship and business over traditional jobs has played a crucial role in increasing the earnings of high-net-worth and ultra-high-net-worth individuals.
The Path to Becoming a Millionaire
Becoming a millionaire is a dream many aspire to achieve. However, with the right investment strategy and the power of compounding, reaching the ₹1 crore mark is not as daunting as it might seem. A disciplined approach to investing can make this goal attainable over time.
In conclusion, the rapid increase in the number of high-net-worth individuals in India reflects the country’s economic growth and the rising affluence of its citizens. With the right strategies and professional guidance, more people can navigate their path to financial success.
