Tough Times? Not for India’s Millionaires

Despite slowing economic growth and a plunging rupee, Mother India gave birth to more than 20,000 new dollar millionaires in the last year, outpacing most countries in the number of new people who now need seven figures to count their wealth.

While the country recorded its slowest growth in a decade last year, it still expanded 5%. That helped lift stock and property prices and push 24,000 more people into the coveted millionaire category, according to figures released in Credit Suisse Group report this week.


India continues to remain one of the fastest-growing major economies in the world. Over the last year the country’s main stock market index has risen close to 10% while property prices remained high – helping swell the ranks of the wealthy.  India had a total of 182,000 millionaires in 2013. Last year’s Credit Suisse report pegged the number at 158,000. Over the next five years India could add another 120,000 millionaires, Credit Suisse predicted.


Read more:


Date added: 
Friday, October 11, 2013 - 10:00pm