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India's crorepati count has surged 5X in a decade, with 2.3 lakh individuals declaring ₹1 crore+ income in AY2023-24. Over half are salaried. India's tax base is booming, and billionaires are multiplying—now totaling 334, as per Hurun India Rich List

India’s Crorepati Surge: Tax Filers with ₹1 Crore+ Income Up 5X!

India's crorepati count has surged 5X in a decade, with 2.3 lakh individuals declaring ₹1 crore+ income in AY2023-24. Over half are salaried. India's tax base is booming, and billionaires are multiplying&mdash;now totaling 334, according to Hurun India Rich List.

How many people in India earn more than one crore rupees every year?
Before I tell you the latest number, let me tell you how it was ten years ago.
In 2013-14, the number of individuals who earned over a crore stood at just over 44,000.
<h3>Now, here's the kicker.</h3>
In just a decade, the number of individuals declaring more than one crore in taxable income has surged a whopping five-fold
And that figure now stands at nearly 2.3 lakh in 2023-24.
Interestingly, more than half of these crore plus earners are salaried individuals.
But as you move up the income ladder, businessmen and professionals dominate. For instance, none of the 23 individuals declaring over ₹500 crore in annual taxable income are salaried!
Also Watch: <a href="https://www.editorji.com/business-news/news-wrap-nifty-sensex-slip-bajaj-auto-hdfc-bank-biggest-nifty-gainers-1729513507125">News Wrap | Nifty &amp; Sensex Slip; Bajaj Auto, HDFC Bank Biggest Nifty Gainers</a>

The entry point for Monaco's richest 1% is US $12.4 million, according to Knight Frank's research, while for India to be a part of the richest 1%, you need to have ₹1.44 crore 

Here's much money you need to join the richest 1% globally

The entry point for Monaco's richest 1% is US $12.4 million, according to Knight Frank's research, while for India to be a part of the richest 1%, you need to have ₹1.44 crore&nbsp;

UK-based global real estate consultancy Knight Frank has released a report that tells how much money you would need to join the richest one percent in various countries. Monaco tops the list - an individual needs an eight-figure fortune to join Monaco&rsquo;s richest 1%.&nbsp; Switzerland and Australia have the next highest entry points to the richest 1%, requiring net worth of $6.6 million and $5.5 million, respectively, according to data released Wednesday as part of the property broker&rsquo;s 2023 Wealth Report.&nbsp;&nbsp; India is among the list of 25 countries in the company's wealth report where the entry level is at $175,000 (Rs 1.44 crore). India is at 22nd spot, above South Afirca, the Philippines and Kenya.&nbsp;
According to World Bank, lower-income households worldwide are feeling the burden of inflation, which has forced them to spend a far larger share of their income on food and housing, according to the World Bank.
&nbsp;

In the wake of the Adani-Hindenburg controversy, Gautam Adani falls further on the Forbes rich list, down to the 38th spot form the 3rd spot before the Hindenburg report released. 

Gautam Adani falls to 38th spot on world's richest list 

Gautam Adani falls to 38th position on the Forbes rich list 

In the wake of the Adani-Hindenburg controversy, Gautam Adani falls further on the Forbes rich list, down to the 38th spot form the 3rd spot before the Hindenburg report released.&nbsp;

Gautam Adani has now fallen to the 38th spot on the Forbes rich list. This, after he was on the 3rd spot before the scathing Hindenburg report was released.&nbsp;
Currently, Adani's net worth is estimated at $33.4 billion, according to Forbes, which is an erosion of over $85 billion from $119 billion before the report was published on January 24. On 24th January, U.S based short seller, Hindenburg released a report accusing Adani group of accounting fraud and stock price manipulation. Allegations which the Adani group has strongly denied. However, since then the Adani group's market cap has seen a massive erosion of over $100 billion.&nbsp; 
&nbsp;

Adani's wealth has eroded by more than $78 billion in year-to-date terms. On the other hand, Mukesh Ambani's wealth declined by more than $5 billion

Mukesh Ambani and Gautam Adani are the top wealth losers of 2023

Adani's wealth has eroded by more than $78 billion in year-to-date terms. On the other hand, Mukesh Ambani's wealth declined by more than $5 billion

Indian industrialists Mukesh Ambani and Gautam Adani have been the biggest losers in wealth on the world's richest list in 2023 so far. According to the data available on the Bloomberg Billionaires Index, Adani's wealth has eroded by more than $78 billion in year-to-date terms. On the other hand, Mukesh Ambani's wealth declined by more than $5 billion. Earlier this month, Mukesh Ambani surpassed Gautam Adani to take over as the richest Indian in the world. According to the Bloomberg Billionaires Index, Mukesh Ambani's net worth is $81.5 billion. As of February 23, 2023, he sits in the 12th spot on the world's top billionaires list. On the other hand, Gautam Adani's wealth stands at $42.7 billion; he has slipped to the 29th spot in the index, falling from the ranks of the world's second richest last year. Significantly, he is no longer among the top 25 billionaires on the list.
Shares of Adani Group companies have been under pressure since the January 24 report by Hindenburg. Notably, the report made allegations of accounting irregularities in the books of Adani Group companies.

Since the pandemic begun to Nov 2022, billionaires in India have seen their wealth surge by 121 per cent or Rs 3,608 crore per day in real terms: report

India's richest 1% own more than 40% of total wealth: Oxfam

Since the pandemic begun to Nov 2022, billionaires in India have seen their wealth surge by 121 per cent or Rs 3,608 crore per day in real terms: report

According to a report, the richest one per cent in India now own more than 40 per cent of the country's total wealth, while the bottom half of the population together share just 3 per cent of wealth.
Releasing the India supplement of its annual inequality report on the first day of the World Economic Forum Annual Meeting, rights group Oxfam International said "Taxing the top 100 Indian billionaires at 2.5 per cent, or taxing the top 10 Indian billionaires at 5 per cent would nearly cover the entire amount required to bring the children back into school,".&nbsp;
"A one-off tax on unrealized gains from 2017&ndash;2021 on just one billionaire, Gautam Adani, could have raised Rs 1.79 lakh crore, enough to employ more than five million Indian primary school teachers for a year," it added.
Oxfam India urged the Union finance minister to introduce one-off solidarity wealth taxes and windfall taxes to end crisis profiteering. It also demanded a permanent increase in taxes on the richest 1 per cent and especially raise taxes on capital gains, which are subject to lower tax rates than other forms of income.
&nbsp;

According to both Forbes and Bloomberg, Mr Musk has been overtaken at the top spot by Bernard Arnault, the chief executive of luxury goods group LVMH.

Bernard Arnault overtakes Musk to be World's richest; but who is he?

Bernard Arnault, World's new richest 

According to both Forbes and Bloomberg, Mr Musk has been overtaken at the top spot by Bernard Arnault, the chief executive of luxury goods group LVMH.

Elon Musk, Twitter's new boss and Tesla CEO, is no longer the world's richest man after a sharp drop in the value of his shares in electric car company Tesla this year. Bernard Arnault, the French tycoon behind luxury-goods powerhouse LVMH, surpassed Twitter owner Elon Musk on the Bloomberg Billionaires Index, marking the first time he&rsquo;s topped the list of the wealthiest people. Never before has anyone from France &mdash; or Europe as a whole &mdash; laid claim to having the largest fortune on the planet. &nbsp; According to Forbes, Mr Musk is now worth about $178bn (&pound;152bn). Meanwhile, Bernard Arnault has a value of $188bn.
Musk has been the world&rsquo;s richest person since September 2021 after he overtook Amazon founder Jeff Bezos. Arnault made his fortune by building the world&rsquo;s largest luxury goods company, including brands like Louis Vuitton but also Tiffany, Celine and Tag Heuer.

19-year-olds entrepreneur and founder of grocery delivery app Zepto, Kaivalya Vohra and Aadit Palicha became the latest youngest rich individuals to join the rich list club of 1,103 Indians across 122 cities.&nbsp;
Both Stanford University dropouts founded Zepto in 2021. They are just 19 years old and have achieved great success with their grocery online platform Zepto valuing now $900 million.&nbsp;
While Vohra secured the 1036th spot on the list of richest people in India, his partner in Zepto &ndash; Aadit Palicha &ndash; was ranked at the 950th spot.
According to Hurun India Rich List, over 82 per cent of the billionaires on the list are above the age of 50, and only 0.6 per cent of the rich on the list are below 30.
The two childhood friends, who grew up together in Dubai, have partnered together on several ventures. Zepto was initially started as KiranaKart, which began as a grocery delivery application years ago.

Meet Kaivalya Vohra & Aadit Palicha, youngest entry in India’s Rich List 2022

Meet Kaivalya Vohra, youngest entry in India’s Rich List 2022

Both Stanford University dropouts founded Zepto in 2021

19-year-olds entrepreneur and founder of grocery delivery app Zepto, Kaivalya Vohra and Aadit Palicha became the latest youngest rich individuals to join the rich list club of 1,103 Indians across 122 cities.&nbsp;
Both Stanford University dropouts founded Zepto in 2021. They are just 19 years old and have achieved great success with their grocery online platform Zepto valuing now $900 million.&nbsp;
While Vohra secured the 1036th spot on the list of richest people in India, his partner in Zepto &ndash; Aadit Palicha &ndash; was ranked at the 950th spot.
According to Hurun India Rich List, over 82 per cent of the billionaires on the list are above the age of 50, and only 0.6 per cent of the rich on the list are below 30.
The two childhood friends, who grew up together in Dubai, have partnered together on several ventures. Zepto was initially started as KiranaKart, which began as a grocery delivery application years ago.

Top 10 richest women in India: Kotak Private Banking and Hurun India launched the third edition of the Leading Wealthy Women List, based on the net worth of women as of December 31, 2021. Here's the list: 

List of Richest Women in India 2022 | Top 10 richest women in India |  India's Richest Women List

Do you know these top 10 wealthiest women of India?

Here's the list: 


List of Richest Women in India 2022

The cumulative wealth of the top 100 women in the list surged by 53% to ₹4,16,970 crore.

Top richest women of India : Kotak Private Banking and Hurun India launched the third edition of the Leading Wealthy Women List, based on the net worth of women as of December 31, 2021. Here's the list:&nbsp;
Roshni Nadar Malhotra, the recently appointed Chairperson of the INR 70,680 crore global technology company, HCL Technologies, ranks first on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. The report estimates her wealth to be INR 54,850 crore.&nbsp;
Falguni Nayar, the founder and CEO of beauty e-commerce platform Nykaa overtook Kiran Mazumdar Shaw, Chairperson of Biocon, to become the richest self-made woman with a wealth of Rs. 57,520 crores.
Kiran Mazumdar-Shaw, Founder &amp; MD of Biocon, ranks second on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. The report estimates her wealth to be INR 36,600 crore.
Leena Gandhi Tewari ranks third on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. The report estimates her wealth to be INR 21,340 crore. Leena chairs privately-held USV, which is a pioneer in diabetic and cardiovascular medicines in India with growing traction in APIs and biosimilars among other medical solutions.&nbsp;
Nilima Motaparti For the past five years, as a director of Divi&rsquo;s Laboratories, Nilima oversaw all elements of Divi&rsquo;s Laboratories&rsquo; material sourcing and procurement, corporate finance, and investor relations. Her wealth surged by over 50 percent during the year.
Radha Vembu sister of Zoho founder Sridhar, ranks fifth on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. Radha Vembu founded the tech company, Zoho Mail with her brother Sridhar Vembu and has been co-leading it since 2007. Based out of Chennai, this product manager of Zoho Mail, saw her wealth rise by 127 percent in one year.
<a href="https://www.editorji.com/business-news/pm-modi-to-launch-india-s-first-international-bullion-exchange-but-what-is-it-1659005075875">PM Modi to launch India's first international bullion exchange but what is it?</a>
Jayshree Ullal Jayshree Ullal ranks sixth on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. The report estimates her wealth to be INR 10,220 crore. London-born, Jayshree is the CEO of the fastest-growing cloud-networking company, Arista Networks, which is currently valued at USD 16 billion under her leadership.
Neha Narkhede, the co-founder, CTO and CPO,&nbsp;is the eighth richest new member in the list. In June 2021, Confluent&rsquo; valuation rose 25% on the NASDAQ, to hit $11.4 billion (₹84,930 crore), according to the report.&nbsp;
Vandana Lal, director at Dr Lal PathLabs is a new entrant to the top ten list. She is also the head of Dr Lal PathLabs&rsquo; research and development department with a wealth of Rs 6,810 crore.&nbsp;

Money can't buy you happiness, but it can buy you a yacht big enough to pull up right alongside it. Luxury yachts are one of the most popular assets among billionaires and the trend of this has been running for a long time.
As the billionaires often celebrate their glory of money with the finest yacht of all time, EJ makes a list of luxury yachts that only billionaires can afford:1. Azzam by Sheikh Khalifa bin Zayed al-NahyanThe 590-feet Azzam is considered the longest yacht in the world and is reportedly owned by the royal family of Abu Dhabi. Built in 2013, this Larsson yacht made yachting history for not only its size, but its ability to reach top speeds of more than 30 knots.French designer Christophe Leoni spearheaded the interior design of this boat that accommodates 36 guests and 60 crew members.
The behemoth was reportedly built for Sheikh Khalifa bin Zayed al-Nahyan of Abu Dhabi’s royal family, for use as a dayboat to reach his favourite diving grounds.
The floating palace features six bridges and a 550-square-metre (6,000-square-foot) lounge decorated in the opulent turn-of-the-century Empire style.2. Eclipse, owned by Roman Abramovich
In the world of soccer, Roman Abramovich is a popular figure as he owns the leading English club, Chelsea. Not only his club, but also his breath-taking 162m luxury motor yacht, Eclipse woo his fans.A synonym for luxury, Eclipse is the world’s second-largest and one of the most expensive superyachts.Built by the world-renowned German shipyard Blohm & Voss and launched in 2009, it cost around $1.5 billion. Eclipse has several features like two helipads, a system for intruder detection missile, armor plating, Submarine, hot tubs, 24 guest cabins, bulletproof windows, dance hall and many more.
3. Nautilus, owned by Thierry SternBuilt by Italian shipyard Perini Navi in 2014 and interiors by Rémi Tessier and exterior design by Philippe Briand, Nautilus was estimated to cost around $90 million to construct.Owned by Patek Philippe, the CEO of Thierry Stern, is a Swiss luxury watch and clock manufacturer. Alongside his Gulstream G650 private jet, Nautilus — named for the famous sports watch — is his most costly mode of transport. Nautilus is a motor yacht with a length of 73m. With the 7 guest cabins, the superyacht has a beam of 13.2m, a draft of 4.0m and a volume of 1,876 GT.
4. Amevi, owned by Lakshmi Mittal
Indian steel magnate Lakshmi Mittal may be based in the UK but his superyacht is moored near his Mediterranean home.Named Amevi, it is one of the largest yachts in the world at 80-metres. Mittal, whose net worth is $12.7 billion, ordered this yacht in 2007 and paid around £113 million. It was built in the Netherlands.The yacht has twin engines with a total power of 9,100 horsepower, allowing the yacht to reach a maximum speed of 18.5 knots. Its cruising speed is around 14 knots (26 km/h).Amevi features luxury public areas and 8 VIP staterooms. Guest cabins are twin and quarter-sized, each with an en suite bathroom.
5. Silver Angel, owned by Richard CaringThe 64.5m long, 'Silver Angel' motor yacht built by the Italian shipyard Benetti, has a sparkling and chic monochrome decor which creates a uniquely modern and elegant feel in each living and sleeping area. Owned by Richard Caring, British businessman and multi-millionaire, Silver Angel was built in 2009.
With a magnificent central staircase, the yacht offers guest accommodation for up to 12 guests in 7 suites , one VIP cabin, three double cabins and two twin cabins. There are 10 beds in total, including 1 king, 4 queen and 4 singles. 

Billionaires and big boats! Here's a list of 5 world's biggest superyachts

Billionaires and big boats 

Here's a list of largest yachts in the world

The fact that it&rsquo;s luxurious doesn&rsquo;t make it a yacht&hellip; but it&nbsp;does&nbsp;make it a luxury yacht.
&nbsp;
&nbsp;

Luxury yachts are one of the most popular assets among billionaires and the trend of this has been running for a long time.

Money can't buy you happiness, but it can buy you a yacht big enough to pull up right alongside it.&nbsp; Luxury yachts are one of the most popular assets among billionaires and the trend of this has been running for a long time.
As the billionaires often celebrate their glory of money with the finest yacht of all time, EJ makes a&nbsp;list&nbsp;of luxury yachts that only billionaires can afford: 1. Azzam by Sheikh Khalifa bin Zayed al-Nahyan The 590-feet Azzam is considered the longest yacht in the world and is reportedly owned by the royal family of Abu Dhabi. Built in 2013, this Larsson yacht made yachting history for not only its size, but its ability to reach top speeds of more than 30 knots. French designer Christophe Leoni spearheaded the interior design of this boat that accommodates 36 guests and 60 crew members.
The behemoth was reportedly built for Sheikh Khalifa bin Zayed al-Nahyan of Abu Dhabi&rsquo;s royal family, for use as a dayboat to reach his favourite diving grounds.
The floating palace features six bridges and a 550-square-metre (6,000-square-foot) lounge decorated in the opulent turn-of-the-century Empire style. 2. Eclipse, owned by Roman Abramovich
In the world of soccer, Roman Abramovich is a popular figure as he owns the leading English club, Chelsea. Not only his club, but also his breath-taking 162m luxury motor yacht, Eclipse woo his fans. A synonym for luxury, Eclipse is the world&rsquo;s second-largest and one of the most expensive superyachts. Built by the world-renowned German shipyard Blohm &amp; Voss and launched in 2009, it cost around $1.5 billion. Eclipse has several features like two helipads, a system for intruder detection missile, armor plating, Submarine, hot tubs, 24 guest cabins, bulletproof windows, dance hall and many more.
3. Nautilus, owned by Thierry Stern Built by Italian shipyard Perini Navi in 2014 and interiors by R&eacute;mi Tessier and exterior design by Philippe Briand, Nautilus was estimated to cost around $90 million to construct. Owned by Patek Philippe, the CEO of Thierry Stern, is a Swiss luxury watch and clock manufacturer. Alongside his Gulstream G650 private jet, Nautilus &mdash; named for the famous sports watch &mdash; is his most costly mode of transport. Nautilus is a motor yacht with a length of 73m. With the 7 guest cabins, the superyacht has a beam of 13.2m, a draft of 4.0m and a volume of 1,876 GT.
4. Amevi, owned by Lakshmi Mittal
Indian steel magnate Lakshmi Mittal may be based in the UK but his superyacht is moored near his Mediterranean home. Named Amevi, it is one of the largest yachts in the world at 80-metres.&nbsp;Mittal, whose net worth is $12.7 billion, ordered this yacht in 2007 and paid around &pound;113 million. It was built in the Netherlands. The yacht has twin engines with a total power of 9,100 horsepower, allowing the yacht to reach a maximum speed of 18.5 knots. Its cruising speed is around 14 knots (26 km/h). Amevi features luxury public areas and 8 VIP staterooms. Guest cabins are twin and quarter-sized, each with an en suite bathroom.
5. Silver Angel, owned by Richard Caring The 64.5m long, 'Silver Angel' motor yacht built by the Italian shipyard Benetti, has a sparkling and chic monochrome decor which creates a uniquely modern and elegant feel in each living and sleeping area. Owned by Richard Caring, British businessman and multi-millionaire, Silver Angel was built in 2009.
With a magnificent central staircase, the yacht offers guest accommodation for up to 12 guests in 7 suites , one VIP cabin, three double cabins and two twin cabins. There are 10 beds in total, including 1 king, 4 queen and 4 singles.

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