India's economy is experiencing a slowdown, with brain drain accelerating and a significant number of entrepreneurs' children opting out of starting or running a business. However, the country's physical infrastructure improvements are spreading wealth beyond top-tier cities. Goldman Sachs projects a rise in affluent individuals to 100 million by 2027 from 60 million in 2023, impacting gold and Indian stock markets. The increasing number of dollar millionaires in India, with 169 on the Forbes list in 2023, is seen as positive, according to The Wall Street Journal and The Economist.
The ranks of India’s dollar millionaires are expanding year by year. But two risks could stall their growth https://t.co/77sgM9xvwg 👇
From @WSJopinion: It’s incontestable that the rise in the number of Indians on the Forbes list of billionaires from six in 2003 to 169 last year is a good thing. We should hope for more lavish Indian weddings, not fewer, writes @dhume. https://t.co/kZDWd5r4x5
India’s dollar millionaires tend not to make headlines or advertise their wealth, but they have an outsize influence on their country’s economy. And the new rich are nothing like the old https://t.co/8z6YYAWmPF Photo: Adam Wiseman/Millennium Images https://t.co/TdnFQkEZ4q
India will be home to 100 million affluent people by 2027, up from 60 million in 2023, according to Goldman Sachs Research. Read more about how this growing wealth is affecting markets for gold and Indian stocks. https://t.co/Kc8IuIl5qn https://t.co/d3MznI3abl
Indians no longer need to live in top-tier cities like Mumbai, Delhi or Bangalore to become loaded. The country’s improving physical infrastructure is spreading wealth more widely https://t.co/OlFSPyY3io 👇
Whatever the numbers say three things which I see around me is disturbing about India 1) Economy is in a slow down 2) Brain drain is happening at a faster pace like it was between 1960-90 3) Huge percentage of entrepreneurs children preferring not to run or start an enterprise