jake_peralta_B99

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%?

18mo ago

Kafkaa

InMobi18mo

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.

jake_peralta_B99

Freelancer18mo

Wow! That's amazing! Do you know anyone or are you with that salary(not the net worth) though?

Kafkaa

InMobi18mo

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.

Dcube

Stealth18mo

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.

jake_peralta_B99

Freelancer18mo

That wealth is gained from where?

Dcube

Stealth18mo

I don't know. If i had known, I would've copied it myself.

LLC

Intel18mo

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.

jake_peralta_B99

Freelancer18mo

Really? 1.4Cr net worth?

PersistantEndeavour1

Government of India18mo

@made_a_chu_chu

You are misinterpreting the data

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).
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)

jake_peralta_B99

Freelancer18mo

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?

PersistantEndeavour1

Government of India18mo

@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

jake_peralta_B99

Freelancer18mo

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!

PersistantEndeavour1

Government of India18mo

Finance Mei daal bro.

jake_peralta_B99

Freelancer18mo

The description of finance was different. Hence didn't wanna put it there

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