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A recent report by UBS, a global wealth management firm reveals that India is home to 8.68 lakh dollar millionaires in March 2023. In rupee terms, these individuals have at least Rs.8.50 crore.
This number is set to grow to 10.61 lakh by 2028 a growth of 22%, estimates the report.
According to the report, India now holds the third position globally in terms of billionaire wealth, following the United States and China.
In terms billionaires, India has 185 billionaires. These Indian billionaires’ wealth has reached Rs. 76.87 lakh crore in April 2024, marking a 42.1% increase from Rs. 53.82 lakh crore in 2023. This marks India’s billionaires as the most prosperous over the last decade.
The report also shows that the number of billionaires in India has also doubled in the last 10 years year, with 40 new additions in 2024 alone, representing a 20.9% increase in the billionaire population. UBS says that following the NDA’s win in the 2024 election, this billionaire trajectory could multiply over the next 10 years.
Despite the increase in ultra HNIs, the average annual wealth growth has decreased compared to previous decades. From 2000 to 2010, India's wealth growth was 14%. This rate has reduced by 7% during from 2010 to 2024.
