How Many Indians Are Earning Over Rs 10 Crore A Year?

The number of Indians earning over Rs 10 crore annually has increased by 63% in the past five years, according to a report by Centrum Institutional Research.

The report also noted that individuals earning more than Rs 5 crore annually have risen to 58,200, marking a 49% growth. This surge in high earners reflects significant economic changes in India, ANI reported.

Income Growth Among Wealthy Indians

The report highlighted that the wealth of affluent Indians is expanding rapidly. Between FY19 and FY24, those earning over Rs 50 lakh annually grew by 25%, reaching nearly 10 lakh individuals. Additionally, the income of those earning more than Rs 10 crore saw a remarkable compound annual growth rate (CAGR) of 121%, totalling Rs 38 lakh crore.

Furthermore, individuals with an annual income exceeding Rs 5 crore experienced a CAGR of 106%, accumulating Rs 40 lakh crore. The collective income for those earning over Rs 50 lakh per annum increased by 64%, reaching a total of Rs 49 lakh crore over the last five years.

Future Projections for High Net Worth Individuals

The report forecasts 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 predicts an annual expansion rate of 13-14% for HNI and UHNI during CY2023-28.

In addition to this increase in high earners and their income, the report noted that only a small portion of financial wealth in India is managed professionally. Currently, only about 15% is professionally managed compared to around 75% in more developed economies.

The mass and affluent markets are also expected to grow at early double-digit rates.