NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

India’s list of millionaires has more than doubled in the last 10 years. But there’s still no stopping Indians.

The country will have 950,000 millionaires by 2027, up almost 190% from 330,000 last year, a recent report by Johannesburg-based market research group New World Wealth predicts. This rise will mainly be due to competitive wages, strong economic growth, and an increasing number of entrepreneurs, the report said.

Back in 2007, India had only 124,000 high-net-worth individuals (HNIs), or people with net assets worth $1 million (Rs7 crore) or more.

Photo courtesy of Satish Krishnamurthy.