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Business Standard
2 days ago
- Politics
- Business Standard
'PM must wake up from his sleep': Cong on 'rising' economic inequalities
The Congress on Friday slammed the government over the alleged rise in the gap between the rich and the poor and said Prime Minister Narendra Modi must "wake up from his sleep" otherwise the country would face terrible consequences. Congress general secretary in charge of communications, Jairam Ramesh, shared a media report on X, which claimed that the number of super-rich is increasing rapidly. Citing the World Wealth Report 2025, the report said that 33,000 high net worth individuals -- HNIs -- were added in the country in 2024. "Due to the capitalist policies of the Modi government, the gap between the rich and the poor is constantly increasing. The rich are becoming richer and the poor are becoming poorer," Ramesh said in a post in Hindi on X. Due to rising unemployment and inflation in the country, 80 crore people have to be given government ration, while the number of 'super rich' has increased to 3.78 lakh, he said. "The common people of the country are forced to survive by withdrawing their old savings from the bank or taking a loan due to reduced income and increased expenses. The common person is not seeing any opportunities for himself in the country, and so is looking for labour opportunities abroad as soon as the person gets a chance. At the same time, the rich are also insisting on increasing their assets abroad," he claimed. "Modi ji, wake up from sleep, this is the double failure of your government, the terrible consequences of which the country will have to suffer in the coming years," Ramesh said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
News18
2 days ago
- Business
- News18
Financial Expert Cites Data On India Creating ‘More Billionaires'. Here's Why Netizens Are Worried
Last Updated: Reacting to the post, a user noted that India appears to be skipping the middle-class wealth-building phase, unlike most developed economies. India is rapidly evolving, especially in the world of business. With a surge in entrepreneurship, more people are starting their own ventures and building wealth. Recently, Akshat Shrivastava, YouTuber and founder of Wisdom Hatch, shared some compelling insights on India's growing economic landscape. According to him, while India still has fewer billionaires and millionaires compared to global giants like the US and China, the pace at which new billionaires are emerging paints a promising picture. It reflects the expanding business opportunities and the dynamic nature of India's startup and investment ecosystem. 'India has roughly 250 billionaires, just half that of China (which has roughly 520 billionaires). But, the data is very interesting for millionaires (in USD): The US has 22 million millionaires (25X that of India), China has 6 million millionaires (7X that of India), India has 850K millionaires," Akshat wrote on X (formerly Twitter). He pointed out that billionaires are being created faster than millionaires in India. 'One could become a millionaire from a job. But, it is unlikely that one would become a billionaire from a job. India is a land of business opportunities, not necessarily job opportunities," he wrote. Take a look at his post here: Akshat's post quickly gained traction online, sparking a flurry of reactions from social media users. A user commented, 'India is a land of big opportunities. People are mostly focused on jobs that too low-paying. Start-ups and many a businesses get started to take Govt subsidies and cheap loans that seldom get repaid. For others, long-term vision, no handwork, no research and ultimately they fail." Another said, 'Fair, but India is still early in its wealth cycle. A decade ago, we had around 200K millionaires, today it's 850K. Much of the new wealth is tied up in unlisted startups, family businesses, and real estate, which global data often misses. Also, it doesn't make sense to compare India with the US or China, very different timelines, markets, and maturity levels." 'It probably has a lot to do with the growing startup culture, with companies becoming unicorns quickly — and also failing just as fast," a person shared. An individual said, 'India doesn't lack ambition. It lacks systems that scale ambition. Until startups > Sarkari (government) jobs in mindset and money, this gap will stay." Another comment read, 'That's a telling stat, India's billionaire boom is outpacing its millionaire growth, and that says a lot about the nature of wealth creation here. Jobs might get you comfort, but businesses are what bend the curve." The World Wealth Report 2025 by Capgemini Research Institute noted that India added over 33,000 new millionaires in just one year. The number of High-Net-Worth Individuals (HNWIs) in India grew by 5.6 per cent, reaching 378,810, which is up from around 345,000 in 2023. First Published: June 06, 2025, 15:12 IST
The Hill
2 days ago
- Business
- The Hill
US gained 562K millionaires in 2024, far outpacing other countries
A strong stock market helped mint 562,000 new millionaires in the U.S. last year, according to a new report. The nation's high-net-worth population grew by 7.6 percent to 7.9 million in 2024, far outpacing the 2.6 percent global rise, Capgemini's World Wealth Report 2025 shows. That domestic surge helped push the number of millionaires worldwide to a record 23.4 million. High-net-worth individuals (HNWIs), defined as those with $1 million or more in investable assets, benefited from double-digit returns in the U.S. stock market, resilience fueled by stronger-than-expected economic growth and sustained enthusiasm for artificial intelligence and tech stocks. It was also a year of wealth concentration, with the ultra-rich emerging as the clear winners. Globally, the number of so-called 'millionaires next door' — individuals worth between $1 million and $5 million — grew by 2.4 percent. Meanwhile, the ultrawealthy population — those with investable assets of $30 million or more — grew more than twice as much, at 6.2 percent. 'Ultra-HNWIs remained resilient during market volatility with greater exposure to high-growth opportunities, whereas Millionaires Next Door focused on safer, low-yield opportunities like fixed-income and real estate,' the report reads. The wealthy continue to favor traditional investments like real estate, stocks and fixed income assets, but alternative investments like currencies, private equity and digital assets have gained traction in recent years. As of January 2025, HNWI investors parked 15 percent of their portfolios in alternative investments, including private equity and cryptocurrencies, up from just 9 percent in 2018. The report also highlighted the looming 'great wealth transfer,' with older generations expected to pass on an estimated $83.5 trillion to Gen X, millennials and Gen Z by 2048. Within the next decade, women are projected to receive a significant share of that wealth. The massive transfer presents an opportunity for wealth managers but also considerable risk, Capgemini warned. 'The next-generation of high-net-worth individuals arrive with vastly different expectations to their parents,' Kartik Ramakrishnan, CEO of Capgemini's Financial Services Strategic Business Unit and Group Executive Board Member, said in a release. Ramakrishnan urged wealth management firms to shift away from 'traditional strategies' and equip advisors with digital capabilities, 'potentially augmented with agentic or generative AI.' Outside the U.S., India and Japan were standouts, with both countries registering 5.6 percent growth, adding 20,000 and 210,000 millionaires last year. Meanwhile, China's HNWI population declined by 1 percent. In Europe, the high-net-worth population also declined by 2.1 percent, primarily due to economic stagnation in major countries such as the United Kingdom and Germany. The number of high-net-worth individuals shrank in the Middle East and Latin America too.
The Print
2 days ago
- Business
- The Print
‘PM must wake up from his sleep': Cong slams govt over ‘rising' economic inequalities
Citing the World Wealth Report 2025, the report said that 33,000 high net worth individuals — HNIs — were added in the country in 2024. Congress general secretary in charge of communications, Jairam Ramesh, shared a media report on X, which claimed that the number of super-rich is increasing rapidly. New Delhi, Jun 6 (PTI) The Congress on Friday slammed the government over the alleged rise in the gap between the rich and the poor and said Prime Minister Narendra Modi must 'wake up from his sleep' otherwise the country would face terrible consequences. 'Due to the capitalist policies of the Modi government, the gap between the rich and the poor is constantly increasing. The rich are becoming richer and the poor are becoming poorer,' Ramesh said in a post in Hindi on X. Due to rising unemployment and inflation in the country, 80 crore people have to be given government ration, while the number of 'super rich' has increased to 3.78 lakh, he said. 'The common people of the country are forced to survive by withdrawing their old savings from the bank or taking a loan due to reduced income and increased expenses. The common person is not seeing any opportunities for himself in the country, and so is looking for labour opportunities abroad as soon as the person gets a chance. At the same time, the rich are also insisting on increasing their assets abroad,' he claimed. 'Modi ji, wake up from sleep, this is the double failure of your government, the terrible consequences of which the country will have to suffer in the coming years,' Ramesh said. PTI ASK RHL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
News18
3 days ago
- Business
- News18
Financial Expert Calls India A Land Of Business Opportunities
Last Updated: Akshat Shrivastava shared some interesting facts about how wealth is growing in India compared to other countries. India is rapidly evolving, especially in the world of business. With a surge in entrepreneurship, more people are starting their own ventures and building wealth. Recently, Akshat Shrivastava, YouTuber and founder of Wisdom Hatch, shared some compelling insights on India's growing economic landscape. According to him, while India still has fewer billionaires and millionaires compared to global giants like the US and China, the pace at which new billionaires are emerging paints a promising picture. It reflects the expanding business opportunities and the dynamic nature of India's startup and investment ecosystem. 'India has roughly 250 billionaires, just half that of China (which has roughly 520 billionaires). But, the data is very interesting for millionaires (in USD): The US has 22 million millionaires (25X that of India), China has 6 million millionaires (7X that of India), India has 850K millionaires," Akshat wrote on X (formerly Twitter). He pointed out that billionaires are being created faster than millionaires in India. 'One could become a millionaire from a job. But, it is unlikely that one would become a billionaire from a job. India is a land of business opportunities, not necessarily job opportunities," he wrote. Take a look at his post here: A user commented, 'India is a land of big opportunities. People are mostly focused on jobs that too low-paying. Start-ups and many a businesses get started to take Govt subsidies and cheap loans that seldom get repaid. For others, long-term vision, no handwork, no research and ultimately they fail." Another said, 'Fair, but India is still early in its wealth cycle. A decade ago, we had around 200K millionaires, today it's 850K. Much of the new wealth is tied up in unlisted startups, family businesses, and real estate, which global data often misses. Also, it doesn't make sense to compare India with the US or China, very different timelines, markets, and maturity levels." 'It probably has a lot to do with the growing startup culture, with companies becoming unicorns quickly — and also failing just as fast," a person shared. An individual said, 'India doesn't lack ambition. It lacks systems that scale ambition. Until startups > Sarkari (government) jobs in mindset and money, this gap will stay." Another comment read, 'That's a telling stat, India's billionaire boom is outpacing its millionaire growth, and that says a lot about the nature of wealth creation here. Jobs might get you comfort, but businesses are what bend the curve." The World Wealth Report 2025 by Capgemini Research Institute noted that India added over 33,000 new millionaires in just one year. The number of High-Net-Worth Individuals (HNWIs) in India grew by 5.6 per cent, reaching 378,810, which is up from around 345,000 in 2023. First Published:
