India’s Affluent Class to Reach 100 Million by 2027: Report

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India’s Affluent Class to Reach 100 Million by 2027: Report

| Updated: January 13, 2024 16:12

A recent report by Goldman Sachs predicts that India’s affluent class will grow to 100 million by 2027. The report also suggests that indigenous companies selling premium goods are likely to outperform their broad-based competitors.

The Goldman Sachs report attributes the increased purchasing power of India’s top earners to strong economic growth, stable monetary policy, and high credit growth over the past decade. Consequently, the number of affluent Indians earning above $10,000 (₹8.28 lakh) annually has surged from 24 million in 2015 to 60 million currently.

India, currently the world’s fifth-largest economy, is projected to become the third-largest by 2027, according to the International Monetary Fund. The country has seen a rise in spending power among the middle class, benefiting firms with premium brands in sectors such as leisure, jewellery, out-of-home goods, and healthcare.

The report highlights a significant increase in the value of financial and physical assets in India over the past three years, driving wealth accumulation. Gold and property are considered important stores of wealth. There has also been a marked shift in households investing in equities, either through direct stocks or mutual funds, over the last five years.

However, Goldman Sachs points out that the divide between the spending power of top earners and middle-income groups remains a challenge in India. While more than 96 crore debit cards have been issued in the country and 9.30 crore Indians have postpaid cell phone connections, only 3 crore Indians can afford a vehicle, according to the report.

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