Today's Paper

2.5 lakh millionaires in India in 2014, says report

The number of dollar millionaires in India in 2014 rose to 2.5 lakh from 1.96 lakh in 2013, an increase of 27 per cent, according to a recent report.

The report also predicted that India will have 4.37 lakh millionaires by 2018, and potentially double that number by 2023.

High entrepreneurship

Terming the next 10 years as ‘India’s decade’, the report by Wealth X released on Wednesday said that “the nation also has a young, well-educated population with high levels of entrepreneurship and business ownership, underpinned by a well-developed legal system that in turn would help in wealth creation.”

The report attributed this rise in millionaires and conspicuous consumption to “renewed economic optimism and performance, further propelled by the election of a new, reformist government.”

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