Goldman Sachs forecasts 100 million affluent individuals in India by 2027
The Goldman paper claims that a robust economy, steady monetary policy, and rapid credit expansion have all contributed to the rise in the purchasing power of Indians in the top income bracket during the last ten years.
According to a Goldman Sachs analysis released on Friday, there will be 100 million affluent people in India by 2027. The report also predicted that premium goods sold by domestic enterprises would beat those of their broad-based competitors.
Because of this, the number of wealthy Indians who make more than $10,000 (Rs. 8.28 lakh) annually has increased dramatically from 24 million in 2015 to 60 million at this time.
The International Monetary Fund predicts that by 2027, India's economy—which is currently the fifth largest in the world—will rise to the third rank.
The middle class in India is becoming more affluent, which helps companies that sell luxury brands of jewelry, out-of-home goods, healthcare, and leisure. Bloomberg quoted Goldman's research to support this claim.
Wealth has been rising in India over the last three years due to a notable increase in the value of both financial and material assets. Property and gold are regarded as significant wealth stores.
The gap in middle-class and upper-class consumers' purchasing power is still a problem in India, according to Goldman Sachs. 9.30 crore Indians have postpaid cell phone connections, while the nation has issued more than 96 crore debit cards. However, the survey also stated that just 3 crore Indians can afford a car.
Also read: ILO projected a minor rise in the worldwide unemployment rate to 5.2% in 2024
The survey also stated that throughout the previous five years, there has been a significant change in how households are investing in equities through mutual funds or direct stocks.
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