India the world largest democratic country with strong federal structure and vibrant markets shows a rapid increase in the wealth of the country. The increase in the net worth of the country increases the accumulation of money in the individual hands .The recent studies reveals the fact that coming 10 years will be India’s Decade in terms of wealth creation as there will be a rapid increase in ultra rich population of the country. Studies say that India will have about 437000 millionaires by 2018 which may double by 2023.India is ranked at eighth position of super rich people in the world and Mumbai, the financial capital of the country is the only Indian city among the top 30 cities in the world for multi-millionaires. Wealth-X, the global leader in providing qualified prospects on Ultra High Net Worth of countries in its report titled ‘Decades of Wealth: The Next 10 Years In Wealth and Luxury’ identifies India and South Africa as emerging markets whose millionaire population will rise significantly in the coming decade.
Their study states that India’s Decade development is in spite of its long standing caste system which widens the gap between the incomes of rich and the poor and the wealth creation practices are less disrupted when compared to other emerging countries like Brazil and China. It also added that the election of the new and reformist governments by the people increases the economic performance of the country which in turn paves way for the sharp increase in the ultra rich people of the country.
Media reports say that the bullish trends in the stock markets in the recent years has made 100 billionaires richer by 40% in which 32 people have doubled their wealth and 6 of them have tripled it. This report also brings in notice the fact that not every section in the society is being raised and the country still faces a great deal of poverty. The nation’s population has a majority of young and well educated people who have a high levels interest in entrepreneurship and establish their own business.
They are well supported by the legal systems of the country that together work for the wealth creation .Along with the growth in wealth there will be an equal substantial increase in the consumption of luxury items. The rise in this rationality on consumption increased the country’s wealth and made the economic development easier.