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 fro

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.