What it takes to be in Top 1% of India
The last I saw, to be in top 1% individual in terms of wealth, you needed to have assets worth $77k. This is from news article of 2020. Sharing link here - https://timesofindia.indiatimes.com/business/india-business/this-is-what-it-takes-to-be-in-the-1-around-the-world/articleshow/74057315.cms Now, based on new data, you need to have assets of around $175k. Approx 150% rise in 3 yrs! Link for the same - https://www.moneycontrol.com/news/business/real-estate/indias-ultra-wealthy-population-to-surge-58-4-in-next-five-years-knight-frank-10605531.html Is anyone here in top 1%?
I would say 175k is based on "reported" data. There's huge unreported wealth in India and that 1% figure might be even higher.
Based on that figure I'm in top 1% and would have multiple batchmates in that group as well who have been working in unicorns/faangmula for more than 5 years.
Wow! That's amazing! Do you know anyone or are you with that salary(not the net worth) though?
I was talking about net worth (without ancestral property) as mentioned in the article.
I know people around that salary but they are generally 10+ yoe.
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Dcube
Stealth
a year ago
1.4 Cr is such a low number.
I live in a village in bihar (wealth wise you know where we stand)
Still i can show you at least 10-15 families with such a net worth in the population of 500 fam.
Don't get me started on towns and cities.
Dcube
Stealth
a year ago
I don't know.
If i had known, I would've copied it myself.
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Assuming net worth implies primary residence's value is not included, $175k is about 1.4 Cr (at INR 80).
I think this app definitely has people with such net worths . Given the salary increments in the last couple of years, this isn't that big a number.
Where else can I share this though? Didn't find any relevant sections, but i want maximum people to see this and voice their opinions!
The description of finance was different. Hence didn't wanna put it there
@made_a_chu_chu
You are misinterpreting the data
1. 77000$ is in PPP dollars. So find the purchasing power parity of dollar in terms of rupee for 2020 and multiply it with 77k. That would give you knight Frank's estimate for top 1 % income in India. (It would be upward of 20 lakh per annum).
2. I read an article like this on money control a few year back. As per that one needs to have 1.24 crore per adult family member to be in top1% in terms of wealth. So the data in this survey might also be along those lines. (Which would make a lot more sense honestly)
Frank knights estimate is for 2023. 77k is from 2020 both are in Dollars. I guess I am not understanding your point. Could you explain a bit?
@made_a_chu_chu
I was also puzzled by this data and decided that car sale metrics are a better indicator of measure of wealth and income. Like almost 10 lakh cars worth more than 10 lakh were sold in India. People can evade income tax but everyone pays GST. So this data is more reliable for judging the depth of wealth in the country.
https://www.google.com/amp/s/www.team-bhp.com/news/indian-car-sales-trends-growth-areas%3famp
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We all are 1 percent here then going by that number? If you have a job and your family owns a house in a metro then that automatically makes you 1%?
Seems wrong tbh....
And most Indians don't even pay income tax ... I don't think that is ever taken into account while making up any economic numbers.
And don't even get me started on all that agriculture income which is fucking tax free.... God only knows how much of that wealth is hidden
hidden_human_being
Stealth
a year ago
The number doesn't look all right at all. It probably doesn't count all the small business from states like Gujarat or farmers with multiple lands with those values.
Go to any recently developed city like Noida gurgaon and its adjacent area. People received this much money straight from the government for their lands. And in multiple cases, it was a whole freaking village. It would be pretty difficult to figure out the exact number I think
