India announces a surge in the population of multi-millionaires

India has witnessed a notable upsurge in the population of multi-millionaires, with the count of individuals earning above Rs 10 million ($120,501) annually surpassing 216,000 as of December 31, 2023.

This data, sourced from income tax returns (ITR) filed for the Assessment Year (AY) 2023–24, was disclosed by India’s Minister of State for Finance, Pankaj Chaudhary, in the country’s Lower House.

According to reports from PTI, the number of individuals earning above Rs 10 million experienced a remarkable increase of 15.5 percent last year, compared to 187,000 reported in AY 2022–23.

Furthermore, the minister highlighted that the total count of individuals in India declaring income from ‘profession’ in AY 2023–24 rose to 12,218, exhibiting a significant rise from the 10,528 individuals reported in AY 2022–23. Notably, this figure was merely 6,555 in the fiscal year 2019–20.

The surge in the number of multi-millionaires underscores a notable trend of economic growth and wealth accumulation within India's populace. The increase in reported incomes from 'profession' indicates a growing participation in various professional sectors, reflecting an expanding workforce engaged in diverse economic activities across the country.

This upward trajectory in income levels and professional engagement is indicative of a broader economic transformation taking place in India. It reflects a shift towards higher income brackets and increased economic activity, which may have significant implications for consumption patterns, investment trends, and overall economic development in the country.

The data underscores the importance of continued monitoring and analysis of income trends and economic indicators to inform policy decisions and initiatives aimed at fostering inclusive growth, reducing income disparities, and promoting economic prosperity for all segments of society.

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