India's Millionaire Ranks Surge Over Past Decade, Younger and More Widespread Wealth Created

• India's number of dollar millionaires grew from 377,000 in 2012 to 850,000 in 2022, expanding at a rate of 8.5% per year on average

• India's new wealthy are more geographically spread out, coming from smaller cities across the country, thanks to better infrastructure connecting regions

• They tend to be younger, in their 30s or 40s, having made their money in consumer goods, manufacturing, real estate, or as professionals with stock options

• The new rich invest more in capital markets and diverse assets like PE funds, and indulge in foreign travel and luxury goods

• Risks are political instability eroding confidence, and the wealthy leaving India for other countries with their families, seeking better quality of life