Number Of Super-Rich Rose 63% In 5 Yrs: Report

There has been a steep rise in the number of Indians earning over Rs 10 crore per year, says a report by Centrum Institutional Research, a financial services group. In the last five years, this number has grown by 63 per cent.

“This dramatic increase highlights India’s growing wealth class, as the report further notes that those earning over Rs 5 crore annually have also risen significantly, reaching 58,200 individuals, marking a 49 per cent growth,” the news agency ANI said quoting the Centrum report.

There are about 31,800 individuals who earn more than Rs 10 crore annually. There are 10 lakh people earning over Rs 50 lakh annually.

Also, the total income of these rich people has also risen exponentially. The cumulative income of those earning more than Rs 10 crore annually surged by 121 per cent compound annual growth rate (CAGR) between FY19 and FY24, reaching Rs 38 lakh crore.

For those earning over Rs 5 crore, the CAGR stood at 106 per cent, bringing their total income to Rs 40 lakh crore. Meanwhile, the collective income of individuals earning above Rs 50 lakh per annum grew by 64 per cent, amounting to Rs 49 lakh crore over the last five years.

A worrying aspect, however, is that just 15 per cent of financial wealth of the super-rich in India is professionally managed, compared to 75 per cent in more advanced economies.

The Centrum report projects the trend to continue in the wealth of India’s High Net Worth Individuals (HNI) and Ultra High Net Worth Individuals (UHNI), forecasting their combined financial assets to increase from $1.2 trillion in 2023 to $2.2 trillion by 2028. “The HNI and UHNI are predicted to expand by 13-14 per cent annually during CY2023-28. Even the mass and affluent markets are anticipated to grow in early double digits,” the report added.