Wealth-income mismatch: The curious case of India's missing millionaires

While India had 764,000 dollar-millionaires in 2019 by one account, just 316,000 filed tax returns declaring income of over $75,000. Large-scale I-T evasion may still be taking place, notes T N Ninan

In an age of growing billionaire wealth and ever-larger numbers of dollar-millionaires, an inevitable question is how reliable are the numbers put out annually by data gatherers like Credit Suisse, the Hurun Rich List, and Forbes with regard to the count of the wealthy people, and the extent of their wealth. In her remarkable book, Putin’s People, Catherine Belton says that seven or eight oligarchs at one stage controlled about half of Russia’s gross domestic product (GDP). Such dominance by a narrow circle around the country’s ruler is rare. In India, though, the growing talk is of the two ‘A’s