India Sees 63% Rise In Rs 10 Crore Salaries In Last 5 Years: Report

The report indicates that India now has approximately 31,800 individuals with annual earnings exceeding Rs 10 crore, marking a remarkable increase over the past five years, from FY19 to FY24

The number of Indians with annual earnings exceeding Rs 10 crore has surged 63 per cent over the past five years, according to a report by Centrum Institutional Research, reported ANI. This notable rise underscores the expansion of India's affluent class. 

The report also reveals that the number of individuals earning over Rs 5 crore annually has significantly increased to 58,200, reflecting a 49 per cent growth.

The report indicates that India now has approximately 31,800 individuals with annual earnings exceeding Rs 10 crore, marking a remarkable increase over the past five years, from FY19 to FY24. Additionally, the number of people earning over Rs 50 lakh annually has risen by 25 per cent, with nearly 1 million individuals reaching this income level.

"The wealth of rich Indians is growing at a rapid pace; between FY19 and FY24, the number of Indians earning over Rs 50 million grew by 49 per cent to 58,200, while those earning over Rs 100 million increased by 63 per cent to around 31,800," the report stated, highlighting the rapid increase in wealth among the wealthy.

With the rising number of wealthy individuals, the total income of these high earners has also seen explosive growth. The cumulative income of those making over Rs 10 crore annually skyrocketed by an impressive 121 per cent compound annual growth rate (CAGR) from FY19 to FY24, reaching Rs 38 lakh crore.

For individuals earning over Rs 5 crore annually, the compound annual growth rate (CAGR) was 106 per cent, elevating their total income to Rs 40 lakh crore. Meanwhile, the collective income of those making above Rs 50 lakh per year grew by 64 per cent, reaching Rs 49 lakh crore over the past five years.

Despite this remarkable increase in both income and the number of high earners, the report highlights that only 15 per cent of financial wealth in India is professionally managed, a stark contrast to the 75 per cent seen in more advanced economies.

Looking ahead, the report anticipates continued growth in the wealth of India’s High Net Worth Individuals (HNI) and Ultra High Net Worth Individuals (UHNI). It forecasts that their combined financial assets will expand from $1.2 trillion in 2023 to $2.2 trillion by 2028.

"The HNI and UHNI are predicted to expand by 13-14 per cent annually during CY2023-28. Even the mass and affluent markets are anticipated to grow in early double digits," the report stated.