Around 3000 individuals are likely to have a minimum wealth of Rs 1,000 crore each by 2024, predicts the ‘IIFL Wealth Hurun India Rich List 2019’ report.
Currently, there are 953 such individuals having a minimum wealth of Rs 1,000 crore. This number rose by 15% or 122 individuals from 831 in 2018. The number stood at 617 individuals in 2017.
The significance of this list can be determined from the fact that the combined wealth of these 953 individuals account for 27% of India’s GDP. The combined wealth of top 25 in the list equals 10% of India’s GDP.
Interestingly, while wealth generation at the bottom end of this list has increased sharply over the past couple of years, the number of USD billionaires have reduced from 141 in 2018 to 138 in 2019.
Anas Rahman Junaid, MD & Chief Researcher, Hurun Report India said, “While the number of USD billionaires have merely grown by 2 as compared to 2016, the number of individuals with Rs. 1,000 crore have increased by a third in the past two years – from 617 to 953. This indicates that wealth is getting generated across the “bottom end” of the top of the pyramid.”
Junaid added, “With all the conversation around economic slowdown and overheating of economy – the IIFL Wealth Hurun India Rich List of 2019 celebrates the growing tribe of Indian wealth creators – both in India and abroad.
Yatin Shah, Co-founder & Executive Director, IIFL Wealth Management said, “With the India story gaining momentum, supported by a young and an aspirational demography – the potential of wealth management in the country has merely scratched the surface. The Indian wealth management industry is poised for an exponential growth as India gears up to emerge as a $5 trillion economy.”