India Sees Surge in High-Earners: New Report Reveals Stunning Growth

A new Centrum Institutional Research report reveals a 63% rise in Indians earning over Rs 10 crore annually and a 49% surge in those earning over Rs 5 crore. The total income for high earners has also grown significantly, highlighting a rapid increase in financial wealth among affluent Indians.

According to a recent report by Centrum Institutional Research, the number of Indians earning more than Rs 10 crore annually has increased by 63% over the past five years. The report also detailed a 49% rise in individuals earning more than Rs 5 crore annually, now totaling 58,200 people.

The study highlighted that around 31,800 Indians now earn over Rs 10 crore per year, marking a significant surge. Additionally, the number of people earning over Rs 50 lakh annually grew by 25% to nearly 10 lakh individuals during the same timeframe.

Between FY19 and FY24, the wealth of affluent Indians has expanded at a rapid pace. Those earning over Rs 50 million saw their numbers grow by 49% to 58,200, while those earning above Rs 100 million increased by 63% to approximately 31,800. Their cumulative income surged as well, with the total income of individuals earning more than Rs 10 crore growing by 121% CAGR to Rs 38 lakh crore, and those earning over Rs 5 crore seeing a 106% CAGR to Rs 40 lakh crore.

The combined income of those earning more than Rs 50 lakh per annum increased by 64%, reaching Rs 49 lakh crore over the last five years. The report projected that the financial assets of High Net Worth Individuals (HNI) and Ultra High Net Worth Individuals (UHNI) will grow from USD 1.2 trillion in 2023 to USD 2.2 trillion by 2028, with an annual growth rate of 13-14%.

Despite this growth, the report noted that only 15% of financial wealth in India is professionally managed, compared to 75% in more advanced economies. The mass and affluent markets are also expected to grow in early double digits.

(With inputs from agencies.)