Indians Earning More Than Rs 10 Crore Per Annum Increased By 63 %: Report

In the previous five years, the number of people earning more than Rs 10 crore in the country has climbed by 63 percent. According to Centrum Institutional Research’s most recent research, the number of persons earning more than Rs 10 crore per year climbed by 20,034. This means that every year, 4,000 people earn Rs 10 crore or more. The report says that currently the number of people earning more than 10 crore in the country has reached 31,800. According to Centrum Institutional Research, the number of people earning more than Rs 5 crore in the country has also increased by one and a half times within 5 years. Currently, 58,200 persons have reached this amount. According to the survey, during the fiscal years 2019 and 2024, people’s incomes climbed significantly. This is also very important because during this time the Covid-19 pandemic caused a lot of damage to the whole world, including India.

As per reports, during the same period, the number of people earning more than Rs 50 lakh annually has also increased by 49 percent and has reached Rs 49 lakh crore in the last 5 years.

During the same period, the total number of people earning more than 10 crore has increased by 121 percent annually to Rs 38 lakh crore. The total number of people earning more than 5 crore has also increased by 106 percent from 2019 to 2024 to Rs 40 lakh crore. The number of people earning 50 lakh or more per annum has also increased by 25 percent to 10 lakh in the last 5 years.

Reports suggest, if we consider the largest rise in amount, individuals earning more than 10 crore are ahead in this scenario. Their total income has increased by 121 percent to Rs 38 lakh crore.

Where is this much income coming from?

The recent report says that the income of the country’s high-net-worth people is expected to grow at a rate of about 14 percent annually till 2028, which can go up to 2.2 trillion dollars. The biggest way of increasing this income is people moving towards business instead of jobs. Around 15 percent of the country’s population has their financial resources managed by professionals, compared to 75 percent globally.