CNBC's Inside India newsletter: India's growing wealth divide [CNBC]
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Source: CNBC
Like what you see? You can subscribe here. India's growing affluent population and their outsized influence on the nation's growth story is becoming the envy of many major markets. The nation's ultra-wealthy population — or people with at least $30 million — rose to 13,263 people in 2023, a 6.1% jump from the year before, data from Knight Frank shows . This number is slated to surge 50.1% between 2023 and 2028, making it the fastest growth rate for UHNWIs in the world, the same report stated. These individuals are subtly driving India's economic progress through their consumption patterns and investment behaviors. Beyond the hype and expectation of growth, however, is the challenge of widening economic inequality. The top 1% of income earners in India accounted for an unprecedented 22.6% of the overall income generated in the country between 2022 and 2023, a study by the World Inequality Lab (WLI) revealed . India's metric is one of the highest in the world — surpassing leve
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