India’s Millionaire Club: With 63% Surge In 5 Years, 31,800 Indians Earn Over ₹10 Crore Annually

India is on a remarkable path of growth, and guess what? People are getting wealthier like never before! In fact, the number of individuals earning ₹10 crore or more has surged by an incredible 63% in just the last five years. But that’s not the only intriguing trend. Stay with us as we explore the rise of India’s wealthy and how they’re driving the stock market’s momentum!

According to a report by Centrum Institutional Research, there are now 31,800 Indians making over ₹10 crore annually—a 63% rise compared to five years ago.

And those earning ₹5 crore or more? That number has jumped by 49%, with 58,200 people now in that category!

And it doesn’t stop there. The number of people earning over ₹50 lakh per year has increased by 25%, now totalling 10 lakh individuals!

What’s even more staggering is that the combined assets of High Net Worth and Ultra High Net Worth individuals are projected to double by 2028—from $1.2 trillion to an astounding $2.2 trillion!

The total number of billionaires in India has now soared to 334—a sixfold jump since the list’s inception 13 years ago.

For the first time, the Hurun India Rich List includes over 1,500 individuals with a net worth exceeding ₹1,000 crore—a two-and-a-half-fold increase in just seven years.

However, while the number of wealthy individuals in India continues to grow at a rapid pace, only a small fraction of them utilise professional services to manage their wealth. According to the Centrum Institutional Research report, despite this significant income surge, only 15% of financial wealth in India is professionally managed—compared to 75% in more advanced economies. This presents a huge gap in the professional wealth management space in India.

India’s wealth landscape is evolving rapidly, and as we’ve seen, the numbers are nothing short of remarkable. With more wealth being created, the question remains— how will India’s affluent navigate this new era of prosperity? Will the gap in professional wealth management close as these individuals seek better ways to grow and safeguard their fortunes?

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