Rural India is likely to be the biggest contributor in country’s five-fold increase to its super-rich families by the turn of the decade, a Bloomberg report suggests.
What does the report say?
Recent report released by the People’s Research on India’s Consumer Economy and India’s Citizen Environment or PRICE, accessed by Bloomberg, suggested that then number of super-rich households, i.e. those earning more than 20 million rupees a year, almost doubled to 1.8 million in five years in 2021.
Meanwhile, growth of such households in villages was 14.2%, compared to 10.6% in cities.
The Bloomberg report stated that the study, polled more than 40,000 people in 25 states, concluded that super rich households will swell further to 9.1 million by 2032, but rural India will see faster growth.
India is home to a rising number of millionaires:
According to the Bloomberg report, Global Health Managers and Foreign Banks are expanding in India as the nation becomes home to a rising number of millionaires.
Oxfam International estimates that India minted 70 Millionairs each day between 2018 and 2022.
India’s middle class:
As per the survey, the country’s middle class population of 432 million – earning between $6000 and $36,000 annually – is the fastest expanding category.
The study predicts it will reach 715 million by 2031.
People are engaging in commercial agriculture businesses:
Rajesh Shukla, Chief Executive Offizier of the organisation claimed that ‘people are increasingly engaging in commercial-agriculture businesses as well as non-agricultural business activities in rural areas.’