In India, the number and income of rich Indians are growing rapidly. This can be easily estimated by looking at the data published in the report. Yes, a new report published by Centrum Institutional Research shows that the number of people in the country who earn Rs 10 crore per year (Crorepati) exceeds 31,000, while the number of people who earn Rs 5 crore per year has exceeded 58,000. These figures show the huge income of high net worth people.
Huge profits in five years
Centrum Research released data for the past five years (2019 to 2024), showing that the number of Indian millionaires (Crorepati) is increasing rapidly. In these five years, the number of Indians with an annual income of more than 100 million rupees has increased by 63%, and currently 31,800 millionaires have reached this level of income each year. During this period, the total net worth of those with an income of more than 100 million rupees increased by 121% to 38 billion rupees, an increase of 121%.
Similarly, the number of Indians earning more than Rs 5 crore has grown strongly by 49% to 58,200 in the last five years. Their total net worth has jumped by a massive 106% to Rs 4,000 crore during 2019-24.
Even the coronavirus pandemic can’t stop profits
These income data show that Indians have seen strong income growth over the past five years. What is special is that income has grown rapidly even during the terrible outbreak of the COVID-19 pandemic in the country. The report predicts that by 2028, the income of India’s high net worth individuals (HNIs) will grow at an annual rate of about 14% to $2.2 trillion.
It is said that only 15% of people in the country manage their financial wealth through professionals, while the global proportion is 75%. The most important role in increasing the income of high net worth and ultra-high net worth individuals is people turning to business instead of work.
This Amazing Formula for Becoming a Millionaire
Who doesn’t dream of becoming a millionaire? But if the investment strategy is right, then reaching the goal of Rs 1 crore is not very difficult. This number may seem difficult to see, but if one has the right investments and the power of compound interest, one can reach here easily. A special formula is useful for this.
According to a research report by FundsIndia, if you invest Rs 30,000 per month in a mutual fund SIP that grows at 10% CAGR, you can get an average return of 12% in the first 50 years of 7 years and after 10 years, it will take you just 3 years to achieve the next Rs 50 lakh. Thereafter, if you maintain the Rs 1 crore you deposited and further increase it in this order, it will take you just two years to increase the next Rs 50 lakh. However, due to market fluctuations, the returns you get on your SIPs may be more or less.
(Note- Always take advice from market experts before making any type of investment.)
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