India's entrepreneurship and wealth creation story is a testament to the nation's resolve, adaptability, and unwavering commitment to progress. As we look to the future, the path to success may continue to evolve, but India's entrepreneurs remain at its forefront, creating not only private wealth but also a brighter future for the nation and its people.
Against a backdrop of global economic turbulence, India's private wealth surged by a remarkable $675 billion in 2022, reaching a staggering $15.4 trillion. India's economic ascent is underpinned by impressive statistics. Between 2000 and 2022, the number of millionaires in India grew annually at a staggering rate of 15 per cent, and this trend is expected to persist, with an anticipated 11 per cent growth between 2022 and 2027. Today, India proudly counts 849,000 dollar millionaires among its ranks, representing over one per cent of the world's total. For the first time since 2008, during times of unprecedented turmoil, total net private wealth increased in the country. This resilience underscores the nation's ability to weather global storms and its capacity for growth. India boasts an impressive 5,480 ultra-high-net-worth individuals (UHNWs) with net worth exceeding $100 million.
India has undergone a remarkable cultural shift when it comes to the perception of wealth and entrepreneurship. In the past, wealth was often regarded with suspicion, and discussions about money were viewed as taboo. Pursuing wealth was sometimes seen as a negative endeavour, associated with greed or selfishness. However, today's India reflects a significant trans formation in societal attitudes.
This story is from the September 23, 2023 edition of BW Businessworld.
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This story is from the September 23, 2023 edition of BW Businessworld.
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