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Indians earning over Rs 10 crore per annum up 63 %, Rs 5 crore per annum up 49 %: Centrum
New Delhi, September 17, 2024 (ANI): The number of Indians earning more than Rs 10 crore annually has surged 63 percent in the last five years, highlighted a report by Centrum Institutional Research.
The report also noted that Indians earning over Rs 5 crore annually have also gone up to 58,200 individuals marking a 49 percent growth.The number of Indians earning over Rs 10 crore annually is now about 31,800 individuals, which is a 63 percent increase over the last five years.
Furthermore, the number of people earning over Rs 50 lakh annually increased by 25 percent to nearly 10 lakh individuals during the same period.
"The wealth of rich Indians is growing at a rapid pace; between FY19 and FY24, the number of Indians earning over Rs50mn grew by 49 percent to 58,200, while those earning over Rs100 mn increased by 63 percent to around 31,800," said the report.
Along with the growing number of wealthy individuals, the report also highlighted that their cumulative income also experienced rapid growth.
The total income of those earning more than Rs 10 crore surged by an astounding 121 percent compound annual growth rate (CAGR) between FY19 and FY24, reaching Rs 38 lakh crore.
Similarly, the income of individuals earning over Rs 5 crore saw a 106 percent CAGR, totaling Rs 40 lakh crore.The collective income of those earning over Rs 50 lakh per annum grew by 64 percent, reaching to a total figure of Rs 49 lakh crore in the last five years.
"The count of individuals making over Rs 5 mn rose by 25 percent to around 1mn. Over the same period, total income for those earning more than Rs 50mn soared by 106 percent to Rs40 tn, for those making over Rs 100mn surged by 121 percent to Rs38 tn, and for those earning above Rs 5mn climbed by 64 percent to Rs49 tn" said the report.
The report also projected that the combined financial assets of High Net Worth Individuals (HNI) and Ultra High Net Worth Individuals (UHNI) in India will grow from USD 1.2 trillion in 2023 to USD 2.2 trillion by 2028.
It added, "The HNI and UHNI are predicted to expand by 13-14 percent annually during CY2023-28. Even the mass and affluent markets are anticipated to grow in early double digits".
In addition to this increase in the number of high earners and their income, the report noted that only 15 percent of financial wealth in India is managed professionally, compared to 75 percent in more advanced economies. (ANI)