When will you become a Millionaire? Top 1% of world

Recently, I came to know that around 6500 Indian millionaires have migrated to other countries this year.

The moment I heard this, the first thing which came to mind was, “How many millionaires are there in India? and entire world?”

Are you part of that list of millionaires? And if NO, then when will you be on that list?

When we say “Millionaire”, it means someone who has a total net worth of around $1 million, or Rs 8 crore in Indian currency, apart from the house they live in!

0.7% of people in the world are millionaires

We all want to create a big retirement corpus and achieve financial freedom, but what if we keep it simple and just think of reaching $1 million first in our life? And if we can do that by the time we turn 50 years of age, that would be a wonderful achievement.

Especially because there are just 0.7% of people in the world who are millionaires!

Yes, you heard it right!

Only approximately 56 million people on their earth are millionaires (many of them are multimillionaires and billionaires also). We have close to 8 billion people on Earth, so that makes 0.7% of people on Earth as millions.

What about INDIA?

If you specifically talk about India, as per the official data, there are close to 796,000 millionaires out of 140 crores people, and that makes it just 0.06% of the population.  The US alone has around 2.55 crores, while China has around 62 lakhs.

So if you achieve a wealth of $1 million, then you are amongst the topmost cream layer of the country.

But how easy is it to create $1 million in India by the time you turn 50 years old?

Truly speaking, it’s not an easy task per se.

One has to be super aggressive when it comes to investing money, from an early age if one wants to reach that kind of target, especially because we also have to buy a house (most people take home loans) and clear off the loan too. Apart from these, we have other goals like buying a car, vacations, children’s education, marriage, etc.

Forget creating $1 million; most people will struggle to close off their home loan by the age of 50 and create enough corpus to meet their children’s education by the age of 50.

However, A tiny percentage of people who earn very handsomely and invest smartly create good wealth and many of them will become millionaires too. A good thing is that while many are leaving the country, the rate at which millionaires are getting added every year is very high.