India has seen a sharp increase in its elite income class over the past five years, with a report by Centrum Institutional Research showing a 63% rise in individuals earning over ?10 crore annually between FY19 and FY24. This group now numbers around 31,800, reflecting a substantial accumulation of wealth among the country’s richest. Similarly, those earning more than ?5 crore annually grew by 49%, with approximately 58,200 people now in this bracket.
The report also highlights broader income growth, with nearly 10 lakh individuals earning over ?50 lakh annually, a 25% rise over the same period. Total income for those earning above ?10 crore surged by 121% compound annual growth rate (CAGR), amounting to ?38 lakh crore, while incomes for those earning above ?5 crore grew by 106% to ?40 lakh crore. Meanwhile, the collective earnings of those making over ?50 lakh per year saw a 64% increase, reaching ?49 lakh crore.
Despite this rapid wealth growth, only 15% of India’s financial wealth is professionally managed, far behind advanced economies where it reaches 75%. The report forecasts continued growth in the financial assets of High Net Worth Individuals (HNIs) and Ultra High Net Worth Individuals (UHNIs), projecting their combined wealth to rise from $1.2 trillion in 2023 to $2.2 trillion by 2028, with an annual growth rate of 13-14%.
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