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New Indian Express
10-06-2025
- Business
- New Indian Express
In 'Modi Raj', India's inequality levels surpassed that of 'British Raj': Jairam Ramesh
NEW DELHI: The Congress on Tuesday claimed that in "Modi Raj", India's inequality levels have surpassed that of the "colonial British Raj" with "monopolisation" in key sectors and "stagnation" of wages for the average Indian. Congress general secretary in-charge communications Jairam Ramesh attacked the government, citing a report by Capgemini Research Institute which shows that "amidst this large-scale despondency for the Aam Aadmi", India added more than 33,000 new 'khaas Aadmi' millionaires in 2024. "Here's what we know about the Modi Government's track record in deepening economic inequality over the past eleven years -- In Modi Raj, India's inequality levels have surpassed that of the colonial British Raj. Monopolisation in key sectors has led to large scale price rise for the people. Wages for the average Indian have stagnated in the last ten years across the spectrum, for everyone from rural agricultural labourers to salaried middle classes," Ramesh said. Now comes a report from Capgemini Research Institute which shows that "amidst this large-scale despondency for the Aam Aadmi India added more than 33,000 new khaas Aadmi millionaires in 2024", he said. India also saw an 8.8% rise in HNWI (high net worth individuals) collective wealth, Ramesh said.
Time of India
10-06-2025
- Business
- Time of India
In 'Modi Raj', India's inequality levels surpassed that of 'British Raj': Jairam Ramesh
The Congress party alleges that under the Modi government, India's inequality has exceeded levels seen during British colonial rule, fueled by monopolization and wage stagnation. Citing a Capgemini report, they highlight the addition of 33,000 new millionaires in 2024 alongside an 8.8% rise in HNWI wealth. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Congress on Tuesday claimed that in "Modi Raj", India's inequality levels have surpassed that of the "colonial British Raj" with "monopolisation" in key sectors and "stagnation" of wages for the average general secretary in-charge communications Jairam Ramesh attacked the government, citing a report by Capgemini Research Institute which shows that "amidst this large-scale despondency for the Aam Aadmi", India added more than 33,000 new 'khaas Aadmi' millionaires in 2024."Here's what we know about the Modi Government's track record in deepening economic inequality over the past eleven years -- In Modi Raj, India's inequality levels have surpassed that of the colonial British Raj. Monopolisation in key sectors has led to large scale price rise for the people. Wages for the average Indian have stagnated in the last ten years across the spectrum, for everyone from rural agricultural labourers to salaried middle classes," Ramesh comes a report from Capgemini Research Institute which shows that "amidst this large-scale despondency for the Aam Aadmi India added more than 33,000 new khaas Aadmi millionaires in 2024", he also saw an 8.8% rise in HNWI (high net worth individuals) collective wealth, Ramesh said."In other words, the Modi Raj elite are continuing to grow in record numbers and continuing to grow their wealth at astonishing rates," he said in a post on X."Not only is this unjust and unsustainable, it also represents a threat to our growth. The report also notes that next-gen HNWIs plan to boost offshore assets by 2030. The wealth that is being concentrated among the elite is therefore set to leave India at increasingly more rapid rates," the Congress leader claimed."This is a drain of wealth that India cannot afford, but which is directly attributable to these pernicious inequalities," Ramesh said.
News18
06-06-2025
- Business
- News18
Financial Expert Cites Data On India Creating ‘More Billionaires'. Here's Why Netizens Are Worried
Last Updated: Reacting to the post, a user noted that India appears to be skipping the middle-class wealth-building phase, unlike most developed economies. India is rapidly evolving, especially in the world of business. With a surge in entrepreneurship, more people are starting their own ventures and building wealth. Recently, Akshat Shrivastava, YouTuber and founder of Wisdom Hatch, shared some compelling insights on India's growing economic landscape. According to him, while India still has fewer billionaires and millionaires compared to global giants like the US and China, the pace at which new billionaires are emerging paints a promising picture. It reflects the expanding business opportunities and the dynamic nature of India's startup and investment ecosystem. 'India has roughly 250 billionaires, just half that of China (which has roughly 520 billionaires). But, the data is very interesting for millionaires (in USD): The US has 22 million millionaires (25X that of India), China has 6 million millionaires (7X that of India), India has 850K millionaires," Akshat wrote on X (formerly Twitter). He pointed out that billionaires are being created faster than millionaires in India. 'One could become a millionaire from a job. But, it is unlikely that one would become a billionaire from a job. India is a land of business opportunities, not necessarily job opportunities," he wrote. Take a look at his post here: Akshat's post quickly gained traction online, sparking a flurry of reactions from social media users. A user commented, 'India is a land of big opportunities. People are mostly focused on jobs that too low-paying. Start-ups and many a businesses get started to take Govt subsidies and cheap loans that seldom get repaid. For others, long-term vision, no handwork, no research and ultimately they fail." Another said, 'Fair, but India is still early in its wealth cycle. A decade ago, we had around 200K millionaires, today it's 850K. Much of the new wealth is tied up in unlisted startups, family businesses, and real estate, which global data often misses. Also, it doesn't make sense to compare India with the US or China, very different timelines, markets, and maturity levels." 'It probably has a lot to do with the growing startup culture, with companies becoming unicorns quickly — and also failing just as fast," a person shared. An individual said, 'India doesn't lack ambition. It lacks systems that scale ambition. Until startups > Sarkari (government) jobs in mindset and money, this gap will stay." Another comment read, 'That's a telling stat, India's billionaire boom is outpacing its millionaire growth, and that says a lot about the nature of wealth creation here. Jobs might get you comfort, but businesses are what bend the curve." The World Wealth Report 2025 by Capgemini Research Institute noted that India added over 33,000 new millionaires in just one year. The number of High-Net-Worth Individuals (HNWIs) in India grew by 5.6 per cent, reaching 378,810, which is up from around 345,000 in 2023. First Published: June 06, 2025, 15:12 IST
News18
06-06-2025
- Business
- News18
Financial Expert Calls India A Land Of Business Opportunities
Last Updated: Akshat Shrivastava shared some interesting facts about how wealth is growing in India compared to other countries. India is rapidly evolving, especially in the world of business. With a surge in entrepreneurship, more people are starting their own ventures and building wealth. Recently, Akshat Shrivastava, YouTuber and founder of Wisdom Hatch, shared some compelling insights on India's growing economic landscape. According to him, while India still has fewer billionaires and millionaires compared to global giants like the US and China, the pace at which new billionaires are emerging paints a promising picture. It reflects the expanding business opportunities and the dynamic nature of India's startup and investment ecosystem. 'India has roughly 250 billionaires, just half that of China (which has roughly 520 billionaires). But, the data is very interesting for millionaires (in USD): The US has 22 million millionaires (25X that of India), China has 6 million millionaires (7X that of India), India has 850K millionaires," Akshat wrote on X (formerly Twitter). He pointed out that billionaires are being created faster than millionaires in India. 'One could become a millionaire from a job. But, it is unlikely that one would become a billionaire from a job. India is a land of business opportunities, not necessarily job opportunities," he wrote. Take a look at his post here: A user commented, 'India is a land of big opportunities. People are mostly focused on jobs that too low-paying. Start-ups and many a businesses get started to take Govt subsidies and cheap loans that seldom get repaid. For others, long-term vision, no handwork, no research and ultimately they fail." Another said, 'Fair, but India is still early in its wealth cycle. A decade ago, we had around 200K millionaires, today it's 850K. Much of the new wealth is tied up in unlisted startups, family businesses, and real estate, which global data often misses. Also, it doesn't make sense to compare India with the US or China, very different timelines, markets, and maturity levels." 'It probably has a lot to do with the growing startup culture, with companies becoming unicorns quickly — and also failing just as fast," a person shared. An individual said, 'India doesn't lack ambition. It lacks systems that scale ambition. Until startups > Sarkari (government) jobs in mindset and money, this gap will stay." Another comment read, 'That's a telling stat, India's billionaire boom is outpacing its millionaire growth, and that says a lot about the nature of wealth creation here. Jobs might get you comfort, but businesses are what bend the curve." The World Wealth Report 2025 by Capgemini Research Institute noted that India added over 33,000 new millionaires in just one year. The number of High-Net-Worth Individuals (HNWIs) in India grew by 5.6 per cent, reaching 378,810, which is up from around 345,000 in 2023. First Published:
Yahoo
05-06-2025
- Business
- Yahoo
The U.S. minted more than 560,000 new millionaires in 2024, far outpacing other countries
Last year was a banner year for the rich—at least for those based in the U.S. Thanks to a favorable interest rate environment and booming domestic stock market, the population of high-net-worth, or HNW, individuals grew significantly in North America in 2024, while the same population fell across Europe, Latin America, and the Middle East. That's according to the Capgemini Research Institute's World Wealth Report 2025, published Wednesday. The global population of HNW individuals—those with at least $1 million in investable assets outside of their primary residences—rose by 2.6% last year, while the number of ultra-high-net-worth, UHNW, individuals—those with at least $30 million liquid—grew by 6.2%. In the U.S., the HNW population rose almost triple that amount, by 7.6%, and 562,000 new millionaires were minted in 2024. The surge is thanks largely to 2024's strong stock market returns, which was powered in particular by optimism over artificial intelligence stocks, according to the report. Asian countries including India and Japan also had standout years, with their HNW populations each growing by 5.6%. Europe, meanwhile saw its HNW population decline by just over 2% due to economic stagnation. But even that doesn't tell the whole story. While countries like the United Kingdom, France, and Germany lost tens of thousands of millionaires each, they also saw their UHNW population surge 3.5%. That reflects the increasing concentration of wealth countries around the world around experiencing. Alternative investments including private equity and cryptocurrencies are an 'established presence' in HNWI portfolios, according to the report, comprising 15% of holdings. Things could look a little different this year, thanks to a volatile stock market stemming from President Donald Trump's shifting trade policies. While wealthy investors often have the cash on hand to ride out any prolonged periods of volatility, the same can't be said for the average investor. Capgemini's report also details the coming $83.5 trillion great wealth transfer, which it says will happen in three main stages: 30% of HNW individuals will receive an inheritance in the next five years, 63% will by the end of the next decade, and 84% will by 2040. That will create the next generation of HNW investors, who may have different priorities and investment interests than the current wealth holders. 'The next-generation of high-net-worth individuals arrive with vastly different expectations to their parents,' said Kartik Ramakrishnan, CEO of Capgemini's Financial Services Strategic Business Unit, in a press release. 'This necessitates an urgent shift away from traditional strategies to effectively cater to their evolving needs on this wealth journey.' The report points to that 15% allocation to alternative investments as one example. And that may actually be on the low end of the UHNW investor spectrum: A recent report from UBS found that family offices, managing an average net worth of $2.7 billion, have allocated 21% of their portfolios to private markets, on average. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
