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While only about 4% of the working-age population make more than $10,000 a year, their size has grown at a phenomenal pace in the last four years, a new Goldman Sachs report says.
The increase in wealth among high-earning Indians has led to a rise in top-end consumption in India. Categories such as leisure, jewellery, out-of-home food, healthcare, and premium brands are expected to benefit.
Over the past decade, strong economic growth, a stable monetary policy and high credit growth have boosted the purchasing power of the top earners in India, , goldman sachs, affluent indians, 100 million, 2024
India, currently, the world's fifth largest economy, is set to become the third largest by 2027, as per the International Monetary Fund.
While several stocks can benefit from the affluence trend, these stocks have a secret sauce that will get them ahead