New Delhi: The number of Indians earning more than Rs 10 crore annually has surged 63 per cent in the last five years, highlighted a report by Centrum Institutional Research. The report also noted that Indians earning over Rs five crore annually have also gone up to 58,200 individuals marking a 49 per cent growth.
The number of Indians earning over Rs 10 crore annually is now about 31,800 individuals, which is a 63 per cent increase over the last five years. Furthermore, the number of people earning over Rs 50 lakh annually increased by 25 per cent to nearly 10 lakh individuals during the same period.
"The wealth of rich Indians is growing at a rapid pace; between FY19 and FY24, the number of Indians earning over Rs 50 mn grew by 49 per cent to 58,200, while those earning over Rs 100 mn increased by 63 per cent to around 31,800," said the report.
Along with the growing number of wealthy individuals, the report also highlighted that their cumulative income also experienced rapid growth. The total income of those earning more than Rs 10 crore surged by an astounding 121 per cent compound annual growth rate (CAGR) between FY19 and FY24, reaching Rs 38 lakh crore.
Similarly, the income of individuals earning over Rs five crore saw a 106 per cent CAGR, totaling Rs 40 lakh crore. The collective income of those earning over Rs 50 lakh per annum grew by 64 per cent, reaching a total figure of Rs 49 lakh crore in the last five years.