Ten Indian states account for more than 80 per cent of the rich households, according to a newly released study. Maharashtra houses a majority of them - 2.62 million. It is followed by Tamil Nadu with 0.9 million. This is according to a recently released study by the think tank People Research on India’s Consumer Economy (PRICE), titled The Rise of the Middle Class: A Force to Reckon With.
It also notes that close to 4 per cent of India’s households are rich. That is 10.67 million households in India as of FY21.
This is a 10 per cent increase from FY16. A household with an annual income of more than ₹30 lakh is categorised as rich by the study. While a middle-class household earns between ₹5 lakh and ₹30 lakh, aspirers make somewhere between ₹1.25 and ₹5 lakh. The destitute make less than ₹1.25 lakh a year. It also notes that the proportion of aspirers and destitute are reducing in the country.