633,000 'New Middle Class' households In India: Hurun India report (2024)

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633,000 'New Middle Class' households In India: Hurun India report? ›

The report has suggested that these families have major physical assets, including automobiles and residential properties. According to Hurun India, the total number of such households in India are 633,000. The report further reveals that there are 3,000 households with a net worth of Rs 1,000 crore.

At the other end of the spectrum is the 'Indian middle class' that has earnings of over Rs 2.5-lakh per annum and a net worth of less than Rs 7 crore. “It is estimated that around 56400,000 families in India fall under this category,” findings of the Hurun India Wealth Report 2020 suggest.

A more recent survey by Indian think tank People Research on India's Consumer Economy (PRICE), which defined a middles-class person as one with an annual income of Rs 5-30 lakh, found this category of Indians to have increased to 31 percent of the population in 2020-21 from 14 percent in 2004-05.

The Hurun India Wealth Report 2021 investigates the quantity and geographical distribution of Millionaires, High-Net-Worth, Super-High-Net-Worth and Ultra-High-Net-Worth Families in India. The report details the geographical distribution by state and city, based on the long-term residence of millionaires.

In India, the middle-income group is defined as households with an annual income between INR 7.5 lakh and INR 15 lakh.

Economists from Mumbai University in India defined the middle class as consumers spending from US $2 to $10 per capita per day. 13 By this definition, approximately half of India's population of 1.3 billion is now in the middle class.

The categories range from 'destitute' (annual household income below Rs 1. 25 lakh or $1,700 in 2020-21) to the 'super-rich' (income over Rs 2 crore or $270,000 in 2020-21). Households with an annual income of Rs 5 lakh-Rs 30 lakh ($6,700-$40,000) form the middle class.

Going by this definition in India, the middle-class statistically speaking is that Indian who earns between Rs 200,000 to 500,000 per year, clearly our finance minister whose monthly income is the same as the annual income of middle-class households is not in the “middle” we understand.

India | Rs 16 Lakhs

It's fairly easy to be in the top 1 per cent in India – You would need to earn just around $77,000 or Rs 16,13,073 annually.

Who is the richest Hurun in India? ›

Mukesh Ambani, Asia's richest person, claims India's wealthiest title with an $82B net worth. He's the only Indian in the 2023 M3M Hurun Global Rich List's top 10, surpassing Gautam Adani.

With a wealth of US $82 billion, Mukesh Ambani has become the richest Indian and is the only Indian to enter the top 10 in 2023 M3M Hurun Global Rich List. With a wealth of US $82 billion, Reliance Industries chairman Mukesh Ambani has bagged the richest Indian title.

With $82 billion, Mukesh Ambani is the richest telecom entrepreneur in the 2023 M3M Hurun Global Rich List.

In financial year 2021, a majority of Indian households fell under the aspirers category, earning between 12,500 and 50,000 Indian rupees a year. On the other hand, about three percent of households that same year, accounted for the rich, earning over 300,000 rupees annually.

The average salary in India is INR 21,000 per month which can sometimes go up to INR 31,900 depending on the industry in which they work. Working in the industry that is most in demand will increase your chances of earning a higher salary eventually.

As an overview, India's per capita net national income or NNI was around 1.97 lakh rupees in 2022. The per-capita income is a crude indicator of the prosperity of a country. In contrast, the gross national income at constant prices stood at over 128 trillion rupees.

The Pew Research Center defines India's middle class as those earning between $10 and $20 a day. They are a diverse group, ranging from a taxi driver in Kochi to a trader in Ahmedabad. Prior to COVID-19, the cohort's strength was reflected by rising consumer spending.

Household expenses

Considering all the expenses, including school fees, domestic help, food and accessories, among others, a family might have to spend Rs 30,000-35,000 per month, which accounts for an expenditure of approximately Rs 4 lakh annually.

New middle class was formed due to European educational system and with the contact of foreign culture- lawyers, teachers, common man, traders etc. were included in the new middle class.

Average family of India earns 23,000 rupees per month. Now we look at different groups, Then the lowest income group which is Rs 15,000 per month comprises 46% of the population. Forty per cent of the families population is such that earn between Rs 15,000 to 35,000. We call them the lower middle class.

What is the income gap between rich and poor in India? ›

Oxfam India's report on inequality in India released on Monday finds that just 5 per cent of Indians own more than 60 per cent of the country's wealth, while the bottom 50 per cent of the population possess only 3 per cent of the wealth.

To be in the top 5 percent, your minimum wealth should be $45,909, while you require a minimum of $22,476 to be among the richest 10 percent of Indian adults. In rupee terms, you should have just Rs 16.74 lakh to be in the top 10 percent.

NEW DELHI: The share of the middle class, with an annual household income of Rs 5-30 lakh, more than doubled from 14% in 2004-05 to 31% last year, and is projected to rise to 63% by 2047, according to a survey by economic research outfit PRICE (People Research on India's Consumer Economy).

NEW DELHI – The International Monetary Fund (IMF) in their latest release on the subject reveals that the average income of an Indian (per capita GDP) was $7,333 in 2021 and the country ranked 128th in the world in terms of average standard of living of people.

Given its rapid economic growth, young and vast population base, India has the biggest growing group of middle-class consumers in the world in the coming decade. The Indian economy will continue to fulfil its potential because: It has had a decade of economic reforms that improves the ease of doing business.

The Pew Research Center defines the middle class as households that earn between two-thirds and double the median U.S. household income, which was $65,000 in 2021, according to the U.S. Census Bureau.21 Using Pew's yardstick, middle income is made up of people who make between $43,350 and $130,000.7 This is a ...

In 2021, the median household income is roughly $68,000. An upper class income is usually considered at least 50% higher than the median household income. Therefore, an upper class income in America is $100,000 and higher. However, an upper class income also depends on where you live.

Though the American middle class does not have a definitive definition, contemporary social scientists have put forward several ostensibly congruent theories on it. Depending on the class model used, the middle class constitutes anywhere from 25% to 75% of households.

As of April 2023, India has 167 billionaires, which put the country third in the world, after the United States and China. Mukesh Ambani the chairman and largest shareholder of Reliance Industries, has been the richest Indian for 14 consecutive years.

90% of Indians make less than 25,000 monthly. If you're making > 1L a month, you're among the top 3%.

What is the average salary of the top 10% in India? ›

An Indian earning a monthly wage of Rs 25,000 is among the top 10 percent of earners in the country. This is what the recently released 'State of Inequality in India' report by the Institute for Competitiveness found, using available government data.

Mukesh Ambani has regained his spot as Asia's richest person after rival Gautam Adani tumbled to No. 24, Forbes said in its Billionaire 2023 list released on Tuesday.

Roshni Nadar

Her wealth increased 54% in 2021 from a year earlier, as per the Hurun report. The chairperson of India's fourth-largest IT company, HCL Technologies, Roshni Nadar is the richest woman in the country. She is the daughter of HCL's founder Shiv Nadar.

Rank 1 | Mukesh Ambani | Net worth: $82 billion | With a wealth of $82 billion, Mukesh Ambani of Reliance Industries overtakes Gautam Adani to bag the richest Indian title. Ambani, who is Asia's richest is the only Indian to enter the top 10 in 2023 M3M Hurun Global Rich List.

The third place in the rankings went to India with 169 billionaires. Indian billionaires have a collective net worth of $675 billion, according to Forbes – but that's still a drop of $75 billion from last year.

Mukesh Ambani, who sits over a wealth of $82 billion, has overtaken Gautam Adani to bag the richest Indian title. Ambani is the only Indian to feature in the top 10 of coveted global billionaires list.

Affluent households earn more than ₹30 lakhs a year. Middle-class households earn from ₹5 lakhs to ₹30 lakhs a year. Aspiring households earn from ₹1.25 lakhs to ₹5 lakhs annually. Destitute households earn below ₹1.25 lakhs annually.

According to a White House press release on 26 June 2017, over 700 U.S. citizens reside in India. In 2002, one widely cited estimate stated that 60,000 Americans including African Americans lived in India.

What is the size of middle class in India? ›

On this criteria, the number of middle class adults in India was estimated at 24 million—just around 3% of the population.

So, for 30 LPA in India, the equivalent salaries are: 165K USD in USA.

Rs 30 lakh+ per year (Over Rs 2.5 lakh per month)

The study shows that men having a salary income above Rs 30 lakh are 192% more desired for marriage than other men. In the case of women, a salary above Rs 30 lakh per year makes them only 17% more desired than other women.

The average indians salary in the USA is $54,600 per year or $26.25 per hour.

A section of country's households which earn above Rs 5 lakh per annum and up to Rs 30 lakh per annum can be categorised in the middle class segment of the population. Around 55 percent of the population is in that category.

It was in the nineteenth century, under the patronage of the British colonial rule that the middle classes began to emerge in India. Though they emerged under the patronage of the British rulers, the middle classes played an important role in India's struggle for independence from colonial rule.

Earning $300,000 a year is still considered middle class in this U.S. city—it's not New York or LA. Around half the American population is considered middle class, according to the most recent Pew Research data. But being middle class looks different depending on where you are.

The richest 1 percent grabbed nearly two-thirds of all new wealth worth $42 trillion created since 2020, almost twice as much money as the bottom 99 percent of the world's population, reveals a new Oxfam report today. During the past decade, the richest 1 percent had captured around half of all new wealth.

What salary is considered rich in USA? ›

Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.

India | Rs 16 Lakhs

It's fairly easy to be in the top 1 per cent in India – You would need to earn just around $77,000 or Rs 16,13,073 annually.

The average salary in India is below ₹50,000, reveals a latest report. On the occasion of International Labours Day, the World of Statistics has released data on average monthly salaries around the world. As per the data, 23 countries around the world have average monthly salaries of more than ₹1 lakh.

The lower middle class is often made up of less educated people with lower incomes, such as managers, small business owners, teachers, and secretaries. The upper middle class is often made up of highly educated business and professional people with high incomes, such as doctors, lawyers, stockbrokers, and CEOs.

Given its rapid economic growth, young and vast population base, India has the biggest growing group of middle-class consumers in the world in the coming decade.