The number of wealthy individuals in India is steadily increasing

A recent survey shows a significant increase in the number of Indians earning over ₹10 crore annually. According to Centrum Research, this segment has grown by 63% over the last five years. Similarly, the number of individuals earning more than ₹5 crore annually has risen to 58,200, representing a 49% growth. As of 2024, 31,800 people in India earn over ₹10 crore per year, with a substantial increase observed between 2019 and 2024. The number of people earning over ₹50 lakh annually has also seen a 25% rise, reaching approximately 10 lakh individuals.

The compound annual growth rate (CAGR) for individuals earning more than ₹10 crore has increased to ₹38 lakh crore, while those earning over ₹5 crore have a CAGR of ₹40 lakh crore. For those earning more than ₹50 lakh annually, the CAGR has risen to ₹49 lakh crore over the last five years.

Despite this increase in wealth, only 15% of India’s wealthy manage their money effectively, compared to 75% in developed economies. The combined wealth of India’s super-rich is expected to reach $1.2 trillion by 2023 and is projected to grow to $2.2 trillion by 2028. The study also forecasts a 13-14% increase in the wealth of the richest individuals between 2023 and 2028.