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The number of Indians earning more than Rs. 10 Crore annually increased by 63 percent over the past five years to reach 31,800, according to a report by Centrum Institutional Research. 

According to the analysis, 58,200 individuals are earning more than Rs. 5 Crore annually, representing a rise of 49 percent in the last five years. 

Wealth of Rich Indians Growing Rapidly

The report also noted that India is home to 10 lakh people who earn more than Rs. 50 lakhs in a year, also marking a staggering rise of 25 percent in the five-year period. 

"The wealth of rich Indians is growing rapidly. Between the 2019 and 2024 financial years, the number of Indians earning more than Rs. 50 million grew by  49 percent to 58,200, while those earning over Rs. 100 million rose by 63 percent to 31,800," said the report. 

The analysis further highlighted that the total income of people earning over Rs. 50 lakh per year increased by 64 percent to 49 lakh Crore in the five year period. 

Moreover, the income of individuals earning more than Rs. 10 Crore witnessed a compound annual growth rate of 121 percent, reaching 38 lakh crore. 

Additionally, income among individuals earning more than Rs. 5 Crore also saw a surge of 106 percent reaching 40 lakh crore during the same period. 

HNWI Assets to Rise

The report also projected that the combined asset of High Net Worth Individuals (HNWI) and Ultra High Net Worth Individuals is expected to reach $2.2 trillion by 2028, from $1.2 trillion in 2023. 

Even though the number of high net worth individuals and their income are rising in India, the report noted that only 15 percent of the country's financial wealth is professionally managed, compared to 75 percent in advanced economies.