The Indian Rich
The current number of billionaires in India is higher than 271, with 94 new billionaires added in 2023 alone, according to a Research Report on Global Rich published in March 2024. That’s more new billionaires than in any country other than the U.S., with a collective wealth of nearly $1 trillion—or 7% of the world’s total wealth. According to the Wealth Report 2024 by a global consultancy firm, the number of ultra-high-net-worth individuals (with a net worth of over US$ 30 million) in India is projected to increase from 13,263 in 2023 to 19,908 by 2028. Today’s top 1% holds 22.6% of the country’s national income. Moreover, the GDP growth rate from 2022-3 onwards till now is one of the world’s highest, being in the range of 7-8% p.a, as per various data sources.
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The Luxury Goods Demand by the Indian Rich
A logical consequence of this is a luxury revolution sweeping India. Since immemorial times, people have considered possessing luxury goods a symbol of power and status, creating a niche segment different from others. Today, the niche segment is growing in leaps and bounds. How big is the luxury market in India? According to a global consulting major, the luxury goods market, which includes personal luxury goods, jewellery, home décor, cars, boats and spirits, is now worth $17 billion in India and is expected to be $90 billion by 2030. India hopes to reach the U.S. $85 to $90 billion mark by 2030 due to rapid economic growth. These forecasts position India as the fastest-growing luxury market globally. Global luxury brands like Louis Vuitton, Gucci, Burberry, Valentino, Dior, Balenciaga, Rolex, Bottega Veneta, Cartier, Bulgari, and Jimmy Choo; around 100 global brands can be found in India. Regarding the mall distribution in India, 10% cater only to the ultra-rich. The diagram below is based on the fact that all malls in India are not operational, and some data estimates are based on market interactions.
Indian Chamber of Commerce (ICC) is organizing The Luxe Lifestyle Forum #2024, a one of a kind initiative in association with Industry’s leading brands on 4th September 24’ at The Taj Bengal, Kolkata. The symposium intends to focus on the “Potential of the Eastern Market for Luxury Lifestyle Fashion Brands and Opportunities for Industry Experts to Grow and Channelize Their Business.”
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