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> most Indians don't live in the city in 1-2 Cr You only need about 5-10% of them to do so to start hitting the numbers from my claim. > the number of Indians

by sieve 1y ago

> most Indians don't live in the city in 1-2 Cr You only need about 5-10% of them to do so to start hitting the numbers from my claim. > the number of Indians actually paying income tax alone is just around that number The number of businessmen who avoid taxes is a significant minority. > India actually has about 320k USD millionaires Based on the number of people I know who own multiple properties (which makes them dollar millionaires even if you ignore everything else they own), I find it VERY difficult to believe this figure. If 8% of the US population can be millionaires, I don't see why 1.5% of the Indian population cannot. We may not agree upon a number, but I believe the figure is much, much larger than what the official figures state.

noddybear 1y ago
The onus is on you to present evidence to justify your claim. Without actual data beyond anecdotes, your claim can and should be dismissed.
fakedang 1y ago
> You only need about 5-10% of them to do so to start hitting the numbers from my claim. Dude, a bit more than 1% of Indians pay ANY form of income tax. Assuming that the number of corrupt politicians and people laundering black money is another 15 million (a very very far stretch), that's still 2% of the entire population. > The number of businessmen who avoid taxes is a significant minority. Thanks for proving my point. > Based on the number of people I know who own multiple properties (which makes them dollar millionaires even if you ignore everything else they own), I find it VERY difficult to believe this figure. Your anecdote means shit compared to statistical data that says otherwise. > If 8% of the US population can be millionaires, I don't see why 1.5% of the Indian population cannot. Because again, India is a highly unequal country, with very few opportunity for the brightest and most entrepreneurial. Why has India not manufactured even one hard tech startup yet? Why is it so hard to get even one manufacturing unit up without the blessings of some babus and Lalas? That's why India is poor and unequal. No surprise why people who move out of India tend to be more successful, especially those who migrate to the US. > We may not agree upon a number, but I believe the figure is much, much larger than what the official figures state By that respect, Switzerland would still have a lot more millionaires simply by virtue of the number of people parking their assets there. There are no official figures for that either.
- sieve 1y ago
  UBS estimated that there were 0.86M dollar millionaires in India at the end of 2023. Credit Suisse, in a 2022 report, estimated that the number would double from 0.79M in 2021 to 1.6M in 2026. Different reports use different standards. A lot of them exclude the primary residence in their computations because (maybe) they are looking for people who have free assets that these wealth managers can manage on their behalf. In my claims, I do not. An asset is an asset. > Dude, a bit more than 1% of Indians pay ANY form of income tax. Wealth and income are not the same thing, though there may be some correlation. A person can have large parcels of land and still have income below the IT threshold ($30,000 pa for a couple according to the latest amendments). Why do you think the IT department tracks random things like electricity bill payments over Rs. 100,000 pa? They want to know about people who have absurd spending power but who do not show corresponding income in their returns. > without the blessings of some babus and Lalas The bureaucracy and red tape is a problem and a huge drag on the GDP. We need serious bureaucratic reform. It is a wonder that so much wealth exists in spite of these problems.

by sieve 1y ago

noddybear 1y ago

The onus is on you to present evidence to justify your claim. Without actual data beyond anecdotes, your claim can and should be dismissed.

fakedang 1y ago

> You only need about 5-10% of them to do so to start hitting the numbers from my claim. Dude, a bit more than 1% of Indians pay ANY form of income tax. Assuming that the number of corrupt politicians and people laundering black money is another 15 million (a very very far stretch), that's still 2% of the entire population. > The number of businessmen who avoid taxes is a significant minority. Thanks for proving my point. > Based on the number of people I know who own multiple properties (which makes them dollar millionaires even if you ignore everything else they own), I find it VERY difficult to believe this figure. Your anecdote means shit compared to statistical data that says otherwise. > If 8% of the US population can be millionaires, I don't see why 1.5% of the Indian population cannot. Because again, India is a highly unequal country, with very few opportunity for the brightest and most entrepreneurial. Why has India not manufactured even one hard tech startup yet? Why is it so hard to get even one manufacturing unit up without the blessings of some babus and Lalas? That's why India is poor and unequal. No surprise why people who move out of India tend to be more successful, especially those who migrate to the US. > We may not agree upon a number, but I believe the figure is much, much larger than what the official figures state By that respect, Switzerland would still have a lot more millionaires simply by virtue of the number of people parking their assets there. There are no official figures for that either.

sieve 1y ago
UBS estimated that there were 0.86M dollar millionaires in India at the end of 2023. Credit Suisse, in a 2022 report, estimated that the number would double from 0.79M in 2021 to 1.6M in 2026. Different reports use different standards. A lot of them exclude the primary residence in their computations because (maybe) they are looking for people who have free assets that these wealth managers can manage on their behalf. In my claims, I do not. An asset is an asset. > Dude, a bit more than 1% of Indians pay ANY form of income tax. Wealth and income are not the same thing, though there may be some correlation. A person can have large parcels of land and still have income below the IT threshold ($30,000 pa for a couple according to the latest amendments). Why do you think the IT department tracks random things like electricity bill payments over Rs. 100,000 pa? They want to know about people who have absurd spending power but who do not show corresponding income in their returns. > without the blessings of some babus and Lalas The bureaucracy and red tape is a problem and a huge drag on the GDP. We need serious bureaucratic reform. It is a wonder that so much wealth exists in spite of these problems.