0.03% of India spends for the rest of us, says startup investor in raw take on inequality

Just 0.03% of Indian households—roughly one lakh families—account for nearly 40% of all discretionary spending in the country, according to a LinkedIn post by startup investor Rahul Mathur.

“These ~1 lakh ‘elite’ households have an average income of ₹3 crore per annum,” Mathur wrote, adding that this group doesn’t even include India’s 500 wealthiest families—who make the so-called elite “look middle class.”

The numbers draw a stark picture of inequality. India’s top 1% hold about 40% of the country’s wealth, compared to 35% in the U.S. and 33% in China.

Meanwhile, the broader top 10% earn just ₹5 to ₹10 lakh a year—between $6,000 to $12,000—highlighting the gulf between the visible online consumer class and the truly affluent.

Mathur noted that the number of Indians with net worths above $1 million has tripled in the past decade, rising from 2.5 lakh in 2015 to 7.5 lakh in 2025. While the rupee has weakened against the dollar, he argued this has been offset by local wealth creation.

Quoting from a brokerage report on luxury consumption, Mathur described the elite class as globally mobile, digitally savvy, and highly concentrated in neighborhoods like South Mumbai, Lutyens Delhi, and Bangalore’s Koramangala. 

“They tend to travel abroad more than three times a year. They have bespoke expectations, and price is not a bar.”

He ended with a pointed reminder: “If you are reading this, then you’re probably in the top 10%—likely closer to the top 1%. Discretionary spending is a luxury in India.”