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.
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.
That wealth is gained from where?
I don't know. If i had known, I would've copied it myself.
Assuming net worth implies primary residence's value is not included, $175k is about 1.4 Cr (at INR 80).
I think this app definitely has people with such net worths . Given the salary increments in the last couple of years, this isn't that big a number.
Really? 1.4Cr net worth?
@made_a_chu_chu
You are misinterpreting the data
77000$ 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)
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
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!
Finance Mei daal bro.
The description of finance was different. Hence didn't wanna put it there
What percentage of Grapevine lies in the top 1%
Grapevine junta with 50 lakhs package at 5 years exp 🤣😜 asking are they being lowballed with 70 lakh offer and top ...
I definitely should earn 53LPA!
This is considering only the income not the Net Worth or Business/Farming incomes which generally are not recorded as...
Recently I came across a report in ToI that said earning 80 K per month puts you at top 4% in India. Assuming that the stats is true, do you feel contended with what you earn?
So, you belong to a group of 6 crore people. Congrats.
