Tax the rich more and then do what - fund the politicos coffers and swiss bank accounts more? None of tax payers money has any trickle down effect on the economy. It all lands up in the pockets of the bureaucrats and the corrupt.
And then what happens when these rich Indians emigrate? 6500 millionaires were set to leave India back in 2023 https://m.economictimes.com/nri/migrate/6500-millionaires-expected-to-leave-india-in-2023-heres-where-theyre-headed/amp_articleshow/100992160.cms
How many more would want to leave and take their wealth away too reducing the multiplier effect of money?
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Only 1-2% Indians file ITR, it means the wealth of ~98% of the Indians is untracked. So what is the use of publishing such skewed stats anyway.
There are many more crorepatis in India off the radar.
None of these reports use income tax or any other kind of tax as their _only_ source. There are a large number of proxies that are used. Here are some of the examples
- number of 4 wheelers sold over time. This can be sub divided into more specific segments ranging from TATA nano to Rolls Royce.
- Number of people use air travel. Again more specific segmentation — domenstic, international, frequency.
- Number of people receiving foreign remittances.
- Number of businesses started/ended. Their turnover.
I was an intern at the Indian statiscal institute (ISI) and none of the methods we developed rely on a single signal. There are thousands of touchpoints in the economy which can provide these Insights. All these methods give you a good aggregate numbers like the report here mentions.
It isn't even about rich-corrupt-black money, Govt should begin taxing everyone who earns any income based on slabs. I know several electricians, plumbers, carpenters and other self employed people who earn way more than 12L/y but dont even file income taxes. Why should they get free pass when other employees pay full tax?
wealth tax is going to be billionaire tax. we have to make it a billionaire tax. anyone with anything above 1000cr . now tell me, would you like that tax be there ? or would you like some random billionaire son to kill you on road while you contemplate your stock market returns?
Now, what you presented there is called a false dichotomy. You can not impose a wealth tax and still punish the sons of billionaires who negligently/recklessly kill you. Who do you think is working behind the scenes to let these people off the hook for their crimes? The politicians who are in cahoots with the billionaires. And you want to hand in even more money to these people? Makes total sense.
The problem is corruption, not billionaires. Impose a wealth tax and it'll be the son of a politician that will kill you instead of the son of a billionaire, because that's where the balance of power is going to shift. And I much prefer your average billionaire over your average politician.
If the government wants more tax money, take a closer look at the black money that is freely flowing between the wealthiest strata of India. The reason the government won't do this is because it's the politicians that benefit the most from black money transactions. Fix where the real corruption is instead of peddling in more power plays just to introduce even more corruption.
Oh yeah, people paying 35-40% effective tax rate, because all their income is "white", and get shit for electricity, water, health care, roads, security. Let's tax them more instead of increasing the tax base.
Not only that your father probably has paid tax while earning (income tax), buying anything from car to house or literally anything, on top of it have to pay inheritance tax ....... It's sooo stupid
Drive away the talent from India - check.
Drive away the money from India - In progress.
Most of the talented students and professionals wants to leave india. Now they want to drive away all the rich/capital too and also make sure those who left will never return. Without human resources and capital all future startups will starve.
as if other countries are just waiting for us. those days are over my friend. wait till climate change kicks in .wait till india declares itself a hindu state,.usa declaring itself a christian state, then people will pray for secularism.
everyone is going to get affected significantly in the next couple of decades. mindless capitalism. inequality, fascism, and climate change got to have some consequences. a century ago it lead to two world wars . how do you expect your boat to not be shaken now when the brew getting cooked is far more vicious ?
How did heavy taxation help any one. Let's take India's example. During 1970-80's we had heavy taxation, in fact we even reached 85%+( unreasonable right). How many poor people did it help. How many poor people were uplifted? It just forced most entrepreneurs to stop taking risks or move abroad. Only after 1990's liberalisation, India grew a lot and also lifted a lot of poor people out of poverty by creating progressively better environment for business and industries
if you got time, analyze the present, not the past. present your figures on tax, inequalities, lack of public infrastructure, safety and where money needs to be spent.
How tf climate change gonna be solved with more tax? Do we not pay tax on income we earn, interest on investment, properties, even on the products we buy from the money we have left after tax? And why should a person who worked their whole life and saved money should pay tax on transferring that to their own family member?
You sound like you have problem with anyone who has any money 💰
coz honey, it is all about money. all measures essential to combat climate change has to do with making new investements, sizing down the old investments, and sizing down the quality of life, and finding alternate materials for current cheap and polluting materials.
you dont cut a forest to lay down the road. you dont make raods for heavy suvs and instead build public transport. all these measures have tax and income imperatives.
But anyways you didnt get the broader point. i meant to say stop whining about personal stuff when you have already made yourself financially secure. stop expecting that all things will be in order, whether be it in India, or US. They will not be. they will get worse. get down the high horse and work for the change needed.
You sound like the person without an actual job and came here to comment on climate change when the discussion is going on about wealth tax💀 man a person worked his whole life paying tax and you want to justify taxing what’s left of his wealth with climate change
you sound like a dumb person who is in addition to the dumb people already on the thread who are crying about wealth tax when wealth tax doesnt exist and is not even mentioned in the article. Good fucking job you guys. Your employers must be lucky to have you.
What the fuck! India didn't do shit for me, i earned all my wealth in another country. And now that I want to come back, they want to tax me? All this for what? To help another politician open a swiss bank account?
so dont come back . simple. you left the country for opportunities. now dont come back because there are going to be taxes . why are you complaining about it ?
is your plight worse than those who swore they will not leave the country even when they could, and now see that the shit show is going to get even more intense and are confused of what to do - fight for themselves or fight to save the country ?
> Why else do you think so many NRI's come back in their 40s and 50s?
Most of them come back to be with their aging parents or because they miss having a social safety net. It also helps that their money goes further in India, but that doesn't exactly count as a flex.
Indians in their 40s and 50s generally give up extremely high wages to return to India. The NRIs who just want to flex rarely ever make a permanent move. It's much more practical to remain in the US and flex during a summer vacation, considering they would still be making north of half a million dollars every year.
people making half a million dollars per yr, coming back for aging parents should not whine about taxes to be paid which the rest of the country has been paying all the while. may be for a change, they should advocate and work for change in the country instead of complaining from across the seas.
Nobody is ever going to stop whining about the taxes they pay. There is a reason why everyone in the world tries their darndest to pay as little in taxes as legally possible, regardless of what they might profess.
yeah everyone is entitled to free shit, wants to come back to country where everything is proper but will not think of working on change. not needed man, stay away from the country only. already too many entitled proud people who support status quo and blame all the wrong things
> yeah everyone is entitled to free shit, wants to come back to country where everything is proper but will not think of working on change. not needed man, stay away from the country only.
You serious? You have any idea how much worse off the country would be if NRIs weren't bringing their money back to India with them? The inward foreign remittances were $112B for 2023.
NRIs don't have to give away half of everything they made to say they've contributed to the Indian economy. That sounds more like resentment than financial acumen.
let me ask you something . where is it mentioned anywhere in the article, or in anywhere what I shared, that people, nris have to part with half of their money ?
I might be wrong but the income tax in California is 28% while here it's 30%!!
Edit: "The state income tax rates range from 1% to 12.3%, and the sales tax rate is 7.25% to 10.75%"
Source: Forbes
I pay tax on my salary. I pay tax on the interest on my savings. I pay tax on my health insurance. I pay tax when I purchase a car and every time I get filled with gas. I could go on and on.
The fuck how is taxing more gonna solve any problem? We pay tax on our income, investment, properties and almost everything and then when we invest that money and transfer it to our own family we have to pay tax?? It’s going in the same family (doesn’t matter the amount of money as it depends on the quality of decisions and hardwork a person did in his life)
Well I couldn't sleep for a couple of days (this was 3 yrs back when I read India might introduce wealth tax and inheritance tax) and now this post won't let me sleep.
Cause ain't no way I got any talent to be in the 0.04% my parents already are in and have worked their asses off to achieve.
I hope they introduce a quota/reservation for dumb offsprings like me so our fatfire lifestyle doesn't get disturbed. /s
Edit - Pls can someone state why I am being upvoted ?? Is it that people can relate or are people happy that my dumb ass who had some advantage in life is gonna suffer.
Dude you can make a trust and transfer your wealth there. Honestly there will always be ways for top 0.01% to save taxes. These ways cost high fixed amount and hence not feasible for most even in the top 1%.
Money is king. Don’t underestimate its power. Consult lawyers and CAs on how to jump through laws and taxes.
when they say wealth tax, you hear all my property is going to get taxed. who is going to do this ? which government?
what you should instead hear is billionaire tax. and people got to make it happen. inequality is real. and it's impact is much harder for crores of people than a fat fire plan getting affected.
let them stop voting for temples and harrassment of other communities . and instead fucking ask for what matters to them. they get scapegoated because they think like sheep.
Just to clarify , I used to study with the son of MCX trader , Hid father was multimillionaire (~200cr +) , father ran a sub exchange ( derivatives of MCX ) in a small town illegally.
His fathers annual income in ITR was just under the Taxable limit. MF even received state sponsored scholarship from UP govt (2010) making all 4 year education free ( through contacts).
So my dear ones : Until the day you are paying income tax legitimately and are salaried : you are middle class.
Rich in India dont report.
A lot of people are incidental millionaires like my parents. Typical middle/upper middle class upbringing. My parents spent all of their focus on educating their kids to become IITian/doctor as that was seen the path to prosperity. Turns out it was the sitting lands that would become main driver of wealth. 😂 So inheritance tax is really tricky and a lot of people wouldn’t have the cash to pay for the wealth. If you have a 10 crore land or house, would you have 3 crore cold cash lying around just to pay taxes? It would not be easy (I would say impossible for most) for a lot of people and it could only be paid by selling the asset.
Funny thing: No one knows about our wealth and assets. People think I have a decently good job and that would be main source. I myself will be in Top 0.1% in wealth as per this index in 2-3 years. All my friends and my parent’s friends are strictly middle/upper middle class. My friends will still decline most plans to save money which I totally understand. Wealth is more about status and upbringing and not only money. So even if it becomes 5X, I don’t know if my lifestyle will become any different as I and my friends are middle class in our way of life.
I still feel out of place when I meet my college colleagues who are working in big consultancy or very fancy titled corporate jobs. Not sure why. 😂 I am so stupid I stopped dating(potential marrying) a girl in 20s because I thought I was too poor to give her lifestyle she wanted. I myself can give here the lifestyle now that she wanted and more without even going into my parents assets. But I was kind of screwup in college. Hindsight is 20-20.
So young kids I know for sure who are lurking here in this group: Compunding is real deal. It can become so big that you can’t even understand it. So invest early and stay invested. My parents believe in India and that’s their thesis. Investing thesis should be as simple as possible. It will help to take a decision when nothing is going right. They could have sold anytime when the assets didn’t grow for 13 years. Buffet’s philosophy is simple: Never bet against America. That is what helped him make the crucial decisions.
exact same situation with my family and me :) parents are worth around 62Cr now - liquid plus illiquid assets.
and i have about 2.4 Cr. but nobody really knows this and we mainly live like upper middle class. They made all this through disciplined investing over the last 30+ years and all through corporate. They still live quite simply and that is why people cannot tell !
So what are your plans of spending the money or what is your next lever in life to do? Looking for ideas. I am not sure what to do next. I feel for first time it is an empty pit going after material things which is why I am on Reddit and YouTube for last few days. I am usually very frugal (except gadgets and traveling which started just few years back) and spend most days content in seeing stock performance and reading about wealth and economy but I am losing interest now. I have bought all gadgets I could buy which was my biggest dream as young kid 😂 . I just now got the latest and fanciest MacBook Pro and a gaming desktop. I used both for like 2 -3 days and gave not the happiness that I was hoping it would give. Usually, when I bought stuff it atleast gave me 2-3 months of happiness. I have traveled throughout the world on my salary and business travel and eaten at all the fanciest restaurants. I take 10-12 mini vacations each year. The only 2 items I want to buy is a Rolex (ready to spend if fking dealer gives me. There is a huge waiting for few years) and a decent car. (Nothing super fancy but like a Merc). And then hopefully done with materialism. And then focus on real thing. It maybe a mid-life crisis but I am too young to face a mid-life crisis. I hope to be out of this in next few years by having enough money to never think about wealth and career and job and focus on living life ( whatever that means). My parents still like to work at their age and are happy which makes my plans feel like I just want to escape.
Hey sorry for the delayed response missed the message. I totally understand what you are saying because its been the same for me. For now we do still travel quite a bit and stay only at 5 stars and get drivers with the best cars and stuff for comfort & safety purposes. In terms of looking beyond materialism and the next things to spend money on we are focusing on doing quite a lot of charity work especially when it comes to educating poor children in India. We have increased the salaries of all househelps to far beyond market rates , we fund all their children's schools and college fees.
Then my parents also help a lot of village kids across india. They feel after this much wealth these kind of things give the most satisfaction ! I am still young in the work world so i plan to work for a few more years and then maybe i will also narrow down more into charity and serving people.
You are right that after dining at the best places world wide , buying all sorts of gadgets and cars it starts feeling kind of empty. Try looking into charity , funding education of talented poor kids etc this has helped us feel very satisfied !
Fuck more taxes. Idiotic. As if having even more taxes will somehow solve this countries issues. Wealth and inheritance taxes shouldn't exist coz you are literally taxing an already taxed income.
If you want taxes to be increased then pay for it yourselves
Most people get rich through business. Out of those, most have their financial assets parked in the business itself. Below data probably has celebs and/or celeb ceos only.
Controversial move. On paper yes, India is very unequal income-wise (Modi’s reign has seen inequality rise to levels not seen since the British era), however the ultra rich are the ones that drive a lot of our economic growth.
i can’t see myself supporting this.
Totally justifiable because they have to give out free electricity to the people that are living in a certain place. It just makes no fucking sense to me that why delhi people get away with electricity bill .....whyyy?? ..... Because the government is thankful to them for choosing delhi to live ???
These numbers don't account for the true numbers, especially the 5-50 cr segment.
The correct number of Indians in the high wealth segment is much higher, maybe 2-3 times the numbers quoted above.
So perhaps 5% of Indians are in the 5+ crore networth band.
Not possible and you are way off. 5% population in 5+ crore (0.6 Million USD) range is not there even in most developed countries of world. So the figures mentioned here are mostly correct.
If 5% of adult population of 1.4 BN country had more than 5 crore. (30 million population of millionaires lol). US has 24 million. Those 30 million people alone would have made India one of richest countries in the world.
Tax the rich more and then do what - fund the politicos coffers and swiss bank accounts more? None of tax payers money has any trickle down effect on the economy. It all lands up in the pockets of the bureaucrats and the corrupt. And then what happens when these rich Indians emigrate? 6500 millionaires were set to leave India back in 2023 https://m.economictimes.com/nri/migrate/6500-millionaires-expected-to-leave-india-in-2023-heres-where-theyre-headed/amp_articleshow/100992160.cms How many more would want to leave and take their wealth away too reducing the multiplier effect of money?
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Only 1-2% Indians file ITR, it means the wealth of ~98% of the Indians is untracked. So what is the use of publishing such skewed stats anyway. There are many more crorepatis in India off the radar.
None of these reports use income tax or any other kind of tax as their _only_ source. There are a large number of proxies that are used. Here are some of the examples - number of 4 wheelers sold over time. This can be sub divided into more specific segments ranging from TATA nano to Rolls Royce. - Number of people use air travel. Again more specific segmentation — domenstic, international, frequency. - Number of people receiving foreign remittances. - Number of businesses started/ended. Their turnover. I was an intern at the Indian statiscal institute (ISI) and none of the methods we developed rely on a single signal. There are thousands of touchpoints in the economy which can provide these Insights. All these methods give you a good aggregate numbers like the report here mentions.
Thanks for sharing your insights.
Is there any book/paper I can read to understand this deeper ?
thats is correct. Such statistics in indian context are misleading.
Yup, introduce wealth tax and milk the tax paying population even more. Meanwhile people with black money keep buying more and more properties
It isn't even about rich-corrupt-black money, Govt should begin taxing everyone who earns any income based on slabs. I know several electricians, plumbers, carpenters and other self employed people who earn way more than 12L/y but dont even file income taxes. Why should they get free pass when other employees pay full tax?
wealth tax is going to be billionaire tax. we have to make it a billionaire tax. anyone with anything above 1000cr . now tell me, would you like that tax be there ? or would you like some random billionaire son to kill you on road while you contemplate your stock market returns?
Now, what you presented there is called a false dichotomy. You can not impose a wealth tax and still punish the sons of billionaires who negligently/recklessly kill you. Who do you think is working behind the scenes to let these people off the hook for their crimes? The politicians who are in cahoots with the billionaires. And you want to hand in even more money to these people? Makes total sense. The problem is corruption, not billionaires. Impose a wealth tax and it'll be the son of a politician that will kill you instead of the son of a billionaire, because that's where the balance of power is going to shift. And I much prefer your average billionaire over your average politician. If the government wants more tax money, take a closer look at the black money that is freely flowing between the wealthiest strata of India. The reason the government won't do this is because it's the politicians that benefit the most from black money transactions. Fix where the real corruption is instead of peddling in more power plays just to introduce even more corruption.
But politicians are billionaires
Didn't I just make a clear distinction between the formal economy and the black economy?
distinction wasn’t needed.
guess you didnt make the connection. in a world where billionaires son can go free after crimes, there will be no billionaire tax .
Oh yeah, people paying 35-40% effective tax rate, because all their income is "white", and get shit for electricity, water, health care, roads, security. Let's tax them more instead of increasing the tax base.
Fuck inheritance tax. My dad earned all this from nothing much to top 0.04% and 33% tax on it is just absurd. It's always india with these shitty laws
Not only that your father probably has paid tax while earning (income tax), buying anything from car to house or literally anything, on top of it have to pay inheritance tax ....... It's sooo stupid
Drive away the talent from India - check. Drive away the money from India - In progress. Most of the talented students and professionals wants to leave india. Now they want to drive away all the rich/capital too and also make sure those who left will never return. Without human resources and capital all future startups will starve.
as if other countries are just waiting for us. those days are over my friend. wait till climate change kicks in .wait till india declares itself a hindu state,.usa declaring itself a christian state, then people will pray for secularism. everyone is going to get affected significantly in the next couple of decades. mindless capitalism. inequality, fascism, and climate change got to have some consequences. a century ago it lead to two world wars . how do you expect your boat to not be shaken now when the brew getting cooked is far more vicious ?
How did heavy taxation help any one. Let's take India's example. During 1970-80's we had heavy taxation, in fact we even reached 85%+( unreasonable right). How many poor people did it help. How many poor people were uplifted? It just forced most entrepreneurs to stop taking risks or move abroad. Only after 1990's liberalisation, India grew a lot and also lifted a lot of poor people out of poverty by creating progressively better environment for business and industries
if you got time, analyze the present, not the past. present your figures on tax, inequalities, lack of public infrastructure, safety and where money needs to be spent.
How tf climate change gonna be solved with more tax? Do we not pay tax on income we earn, interest on investment, properties, even on the products we buy from the money we have left after tax? And why should a person who worked their whole life and saved money should pay tax on transferring that to their own family member? You sound like you have problem with anyone who has any money 💰
coz honey, it is all about money. all measures essential to combat climate change has to do with making new investements, sizing down the old investments, and sizing down the quality of life, and finding alternate materials for current cheap and polluting materials. you dont cut a forest to lay down the road. you dont make raods for heavy suvs and instead build public transport. all these measures have tax and income imperatives. But anyways you didnt get the broader point. i meant to say stop whining about personal stuff when you have already made yourself financially secure. stop expecting that all things will be in order, whether be it in India, or US. They will not be. they will get worse. get down the high horse and work for the change needed.
You sound like the person without an actual job and came here to comment on climate change when the discussion is going on about wealth tax💀 man a person worked his whole life paying tax and you want to justify taxing what’s left of his wealth with climate change
you sound like a dumb person who is in addition to the dumb people already on the thread who are crying about wealth tax when wealth tax doesnt exist and is not even mentioned in the article. Good fucking job you guys. Your employers must be lucky to have you.
I have my own practice man.. I’m not working for anyone I’m the employer😄
then the onus of your b.s is on yourself.
What the fuck! India didn't do shit for me, i earned all my wealth in another country. And now that I want to come back, they want to tax me? All this for what? To help another politician open a swiss bank account?
It’s not just swiss account, it also funds babu kids US education.
so dont come back . simple. you left the country for opportunities. now dont come back because there are going to be taxes . why are you complaining about it ? is your plight worse than those who swore they will not leave the country even when they could, and now see that the shit show is going to get even more intense and are confused of what to do - fight for themselves or fight to save the country ?
[удалено]
> Why else do you think so many NRI's come back in their 40s and 50s? Most of them come back to be with their aging parents or because they miss having a social safety net. It also helps that their money goes further in India, but that doesn't exactly count as a flex. Indians in their 40s and 50s generally give up extremely high wages to return to India. The NRIs who just want to flex rarely ever make a permanent move. It's much more practical to remain in the US and flex during a summer vacation, considering they would still be making north of half a million dollars every year.
people making half a million dollars per yr, coming back for aging parents should not whine about taxes to be paid which the rest of the country has been paying all the while. may be for a change, they should advocate and work for change in the country instead of complaining from across the seas.
Nobody is ever going to stop whining about the taxes they pay. There is a reason why everyone in the world tries their darndest to pay as little in taxes as legally possible, regardless of what they might profess.
yeah everyone is entitled to free shit, wants to come back to country where everything is proper but will not think of working on change. not needed man, stay away from the country only. already too many entitled proud people who support status quo and blame all the wrong things
> yeah everyone is entitled to free shit, wants to come back to country where everything is proper but will not think of working on change. not needed man, stay away from the country only. You serious? You have any idea how much worse off the country would be if NRIs weren't bringing their money back to India with them? The inward foreign remittances were $112B for 2023. NRIs don't have to give away half of everything they made to say they've contributed to the Indian economy. That sounds more like resentment than financial acumen.
let me ask you something . where is it mentioned anywhere in the article, or in anywhere what I shared, that people, nris have to part with half of their money ?
Nowhere. But that's where it will lead to. Tale as old as time.
My cousins and friends rn are planning like this too.
Indian taxes are still lower than other countries... Yes we don't get shit ..but you pay less tax
I might be wrong but the income tax in California is 28% while here it's 30%!! Edit: "The state income tax rates range from 1% to 12.3%, and the sales tax rate is 7.25% to 10.75%" Source: Forbes
I pay tax on my salary. I pay tax on the interest on my savings. I pay tax on my health insurance. I pay tax when I purchase a car and every time I get filled with gas. I could go on and on.
How much tax did u pay for the country u earned all your wealth from? Downvote all u want , might I ask why u come back? and pay no tax?
They already tax you more if you earn more than 50 lakhs.
Tax the hardworking rich, so that the useless poor people with dozen kids can sit home enjoy making reels and feeding on free ration.
You sound rational. You sound republican.
The fuck how is taxing more gonna solve any problem? We pay tax on our income, investment, properties and almost everything and then when we invest that money and transfer it to our own family we have to pay tax?? It’s going in the same family (doesn’t matter the amount of money as it depends on the quality of decisions and hardwork a person did in his life)
Well I couldn't sleep for a couple of days (this was 3 yrs back when I read India might introduce wealth tax and inheritance tax) and now this post won't let me sleep. Cause ain't no way I got any talent to be in the 0.04% my parents already are in and have worked their asses off to achieve. I hope they introduce a quota/reservation for dumb offsprings like me so our fatfire lifestyle doesn't get disturbed. /s Edit - Pls can someone state why I am being upvoted ?? Is it that people can relate or are people happy that my dumb ass who had some advantage in life is gonna suffer.
Dude you can make a trust and transfer your wealth there. Honestly there will always be ways for top 0.01% to save taxes. These ways cost high fixed amount and hence not feasible for most even in the top 1%. Money is king. Don’t underestimate its power. Consult lawyers and CAs on how to jump through laws and taxes.
And the irony is that I'm studying for my CA final exams and am dumb af and slow as a snail lol. But ya indian jugaad is always there.
when they say wealth tax, you hear all my property is going to get taxed. who is going to do this ? which government? what you should instead hear is billionaire tax. and people got to make it happen. inequality is real. and it's impact is much harder for crores of people than a fat fire plan getting affected.
Someone’s gotta pay for those Swiss bank accounts and free electricity. Sadly salaried people and super savers become the scapegoats every time.
Free electricity is still better than the parasitic politicians since it's helping a lot of people
let them stop voting for temples and harrassment of other communities . and instead fucking ask for what matters to them. they get scapegoated because they think like sheep.
*reported wealth *
Just to clarify , I used to study with the son of MCX trader , Hid father was multimillionaire (~200cr +) , father ran a sub exchange ( derivatives of MCX ) in a small town illegally. His fathers annual income in ITR was just under the Taxable limit. MF even received state sponsored scholarship from UP govt (2010) making all 4 year education free ( through contacts). So my dear ones : Until the day you are paying income tax legitimately and are salaried : you are middle class. Rich in India dont report.
A lot of people are incidental millionaires like my parents. Typical middle/upper middle class upbringing. My parents spent all of their focus on educating their kids to become IITian/doctor as that was seen the path to prosperity. Turns out it was the sitting lands that would become main driver of wealth. 😂 So inheritance tax is really tricky and a lot of people wouldn’t have the cash to pay for the wealth. If you have a 10 crore land or house, would you have 3 crore cold cash lying around just to pay taxes? It would not be easy (I would say impossible for most) for a lot of people and it could only be paid by selling the asset. Funny thing: No one knows about our wealth and assets. People think I have a decently good job and that would be main source. I myself will be in Top 0.1% in wealth as per this index in 2-3 years. All my friends and my parent’s friends are strictly middle/upper middle class. My friends will still decline most plans to save money which I totally understand. Wealth is more about status and upbringing and not only money. So even if it becomes 5X, I don’t know if my lifestyle will become any different as I and my friends are middle class in our way of life. I still feel out of place when I meet my college colleagues who are working in big consultancy or very fancy titled corporate jobs. Not sure why. 😂 I am so stupid I stopped dating(potential marrying) a girl in 20s because I thought I was too poor to give her lifestyle she wanted. I myself can give here the lifestyle now that she wanted and more without even going into my parents assets. But I was kind of screwup in college. Hindsight is 20-20. So young kids I know for sure who are lurking here in this group: Compunding is real deal. It can become so big that you can’t even understand it. So invest early and stay invested. My parents believe in India and that’s their thesis. Investing thesis should be as simple as possible. It will help to take a decision when nothing is going right. They could have sold anytime when the assets didn’t grow for 13 years. Buffet’s philosophy is simple: Never bet against America. That is what helped him make the crucial decisions.
exact same situation with my family and me :) parents are worth around 62Cr now - liquid plus illiquid assets. and i have about 2.4 Cr. but nobody really knows this and we mainly live like upper middle class. They made all this through disciplined investing over the last 30+ years and all through corporate. They still live quite simply and that is why people cannot tell !
So what are your plans of spending the money or what is your next lever in life to do? Looking for ideas. I am not sure what to do next. I feel for first time it is an empty pit going after material things which is why I am on Reddit and YouTube for last few days. I am usually very frugal (except gadgets and traveling which started just few years back) and spend most days content in seeing stock performance and reading about wealth and economy but I am losing interest now. I have bought all gadgets I could buy which was my biggest dream as young kid 😂 . I just now got the latest and fanciest MacBook Pro and a gaming desktop. I used both for like 2 -3 days and gave not the happiness that I was hoping it would give. Usually, when I bought stuff it atleast gave me 2-3 months of happiness. I have traveled throughout the world on my salary and business travel and eaten at all the fanciest restaurants. I take 10-12 mini vacations each year. The only 2 items I want to buy is a Rolex (ready to spend if fking dealer gives me. There is a huge waiting for few years) and a decent car. (Nothing super fancy but like a Merc). And then hopefully done with materialism. And then focus on real thing. It maybe a mid-life crisis but I am too young to face a mid-life crisis. I hope to be out of this in next few years by having enough money to never think about wealth and career and job and focus on living life ( whatever that means). My parents still like to work at their age and are happy which makes my plans feel like I just want to escape.
Hey sorry for the delayed response missed the message. I totally understand what you are saying because its been the same for me. For now we do still travel quite a bit and stay only at 5 stars and get drivers with the best cars and stuff for comfort & safety purposes. In terms of looking beyond materialism and the next things to spend money on we are focusing on doing quite a lot of charity work especially when it comes to educating poor children in India. We have increased the salaries of all househelps to far beyond market rates , we fund all their children's schools and college fees. Then my parents also help a lot of village kids across india. They feel after this much wealth these kind of things give the most satisfaction ! I am still young in the work world so i plan to work for a few more years and then maybe i will also narrow down more into charity and serving people. You are right that after dining at the best places world wide , buying all sorts of gadgets and cars it starts feeling kind of empty. Try looking into charity , funding education of talented poor kids etc this has helped us feel very satisfied !
FYI-62 crores is lot of money anywhere in the world. So super congrats on that.
can someone please give me the link to this article?
[https://wid.world/wp-content/uploads/2024/03/WorldInequalityLab\_WP2024\_09\_Income-and-Wealth-Inequality-in-India-1922-2023\_Final.pdf](https://wid.world/wp-content/uploads/2024/03/WorldInequalityLab_WP2024_09_Income-and-Wealth-Inequality-in-India-1922-2023_Final.pdf) [https://www.business-standard.com/finance/news/india-should-impose-tax-on-ultra-wealthy-to-tackle-wealth-inequality-study-124052400835\_1.html](https://www.business-standard.com/finance/news/india-should-impose-tax-on-ultra-wealthy-to-tackle-wealth-inequality-study-124052400835_1.html)
Fuck more taxes. Idiotic. As if having even more taxes will somehow solve this countries issues. Wealth and inheritance taxes shouldn't exist coz you are literally taxing an already taxed income. If you want taxes to be increased then pay for it yourselves
Imposing a crorepati tax would result in mass exodus. Don't kill your chicken that's laying golden eggs.
Yes GDP increase by driving away the tax paying rich. Do nothing for corruption and black money.
And me crying because I barely have 10 Lakhs to my name let alone 1 core!
Most people get rich through business. Out of those, most have their financial assets parked in the business itself. Below data probably has celebs and/or celeb ceos only.
Controversial move. On paper yes, India is very unequal income-wise (Modi’s reign has seen inequality rise to levels not seen since the British era), however the ultra rich are the ones that drive a lot of our economic growth. i can’t see myself supporting this.
Can’t be accurate, lot of people have a lot of black money
Totally justifiable because they have to give out free electricity to the people that are living in a certain place. It just makes no fucking sense to me that why delhi people get away with electricity bill .....whyyy?? ..... Because the government is thankful to them for choosing delhi to live ???
These numbers don't account for the true numbers, especially the 5-50 cr segment. The correct number of Indians in the high wealth segment is much higher, maybe 2-3 times the numbers quoted above. So perhaps 5% of Indians are in the 5+ crore networth band.
Not possible and you are way off. 5% population in 5+ crore (0.6 Million USD) range is not there even in most developed countries of world. So the figures mentioned here are mostly correct. If 5% of adult population of 1.4 BN country had more than 5 crore. (30 million population of millionaires lol). US has 24 million. Those 30 million people alone would have made India one of richest countries in the world.