India is home to the second-largest population in the world, but its number of millionaires is far lower than many other countries. According to the Credit Suisse Global Wealth Report, India has 769,416 millionaires, representing just 0.1% of the adult population. This is a much lower percentage than other countries such as Hong Kong, which has 631,860 millionaires, or 7.1% of the adult population, and Sweden, which has 610,214 millionaires, or 7.3% of the adult population.
The number of millionaires in India has grown significantly in recent years, but it still lags behind many other countries. In 2017, India had just 611,000 millionaires, representing 0.06% of the adult population. This number has grown to 769,416 in 2020, representing a 26% increase in just three years.
Despite this growth, India still has a long way to go before it catches up to other countries. For example, in Hong Kong, 631,860 millionaires represent 6.1% of the adult population, while in Belgium, 588,968 millionaires represent 6.5% of the adult population.
The disparity between India and other countries is largely due to the fact that India is still a developing nation. The country has a large population, but the average income is much lower than in many other countries. This means that the number of millionaires in India is much lower than in other countries with higher average incomes.
Despite the disparity, India is making strides in creating more millionaires. The number of millionaires in India has grown significantly in recent years, and this trend is likely to continue as the country continues to develop. As India continues to grow, the number of millionaires in the country is likely to continue to rise.
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