India is witnessing a constant rise in the number of millionaires and high net- worth individuals (HNIs). In the last financial year, 5,012 people entered this exclusive club. This took the strength of India’s millionaire club to more than 871,000. As an Indian, this may feel like a shimmering statistic but many aspects of the same report will leave you sad and dejected.

Income inequality is rising in India, leading to exasperation among the middle class.

For the uninitiated, HNIs are those who have property or any financial instrument worth $1 million, or ₹9.5 crore at current conversion rates, which they can quickly convert to cash if the need arises, after meeting all their financial obligations. Last year, this club witnessed an increase of 6% — comparatively lower than the 2021-2023 period (when the share market and real estate enjoyed a bull run) that saw the HNI club swell by upto 9%. These are the fortunate few who control 65-75% of India’s wealth and business.

Also Read | 'More millionaires than ever' but India among nations with highest inequality. What key report reveals

However, we aren’t the only victims of income inequality. This tendency or trend is growing across the globe, whether in developed countries such as the US and Japan or middle-income countries such as China along with the entire group of developing nations. A report by Capgemini Research Institute and UBS Global Wealth suggests the world has witnessed an increase in average wealth, yet the........

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