Half of India’s high net worth individuals (HNIs) are under 40 years of age, according to a survey (pdf) by Kotak Wealth Management.
The private banking firm’s survey, published on July 26, tracked individuals with total assets over Rs25 crore ($3.75 million) and covered 225 HNIs in 12 cities between January and March 2016.
This is the first time in six years since Kotak began surveying India’s super-rich that such a large number of HNIs-under-40 has been reported. The shift is a result of the boom in the internet economy over the last three years, the survey implies.
For instance, the report names Flipkart’s Sachin Bansal and Binny Bansal—who joined the Forbes billionaire list last year with a net worth of $1.24 billion each—and Vijay Shekhar Sharma (37), founder of One97 Communication, the parent company of mobile-commerce platform Paytm. Sharma’s personal wealth is estimated at Rs2,824 crore ($424 million).
Last year, Beijing-based Hurun Research Institute named Ankit Bhati (28) and Bhavish Aggarwal (29) as the youngest self-made individuals on the list of India’s rich. The two promoters of ANI Technologies, which owns taxi-hailing service Ola, had personal wealth of Rs2,385 crore each.
For entrepreneurs, the primary source of wealth is, expectedly, their business, as compared to inheritors who have sizeable earnings from real estate investments, the Kotak survey says.