India’s Super Rich count triples in 4 Years

More Crorepatis are joining the super-rich club every year than companies, according to Kotak Institutional Equities.

The number of Crorepatis has tripled from 19,716 in 2010-11 to 63,589 in 2013-14. However, the number of corporates earning a Crore a year remained stable at around 30,000.

"We highlight that this income refers to the gross taxable income, which means that incomes that are exempt from tax (say long-term capital gains tax on equities, dividend income, or income on tax-free bonds) will not show up in these numbers," Akhilesh Tilotia of Kotak said.

The crorepati data provides a starting point to assess income and wealth equalities in India, Kotak said.

"As the India growth story progresses, it is important that there are no pronounced inequalities-a progressive tax structure coupled with the fear of compliance can be a good revenue source as well as a social policy tool," the brokerage said.

Image credit: Indiatimes