India's One Percent Club Grows Rapidly

India’s One Percent Club Grows Rapidly
Bangalore: Indian households with an annual income of more than 12.5 lakh are increasing at a higher pace, reports Economic Times. Indians belonging to the one percent alliance is slowly showing a rise in charts. Looking back in 1993-94, only 20 percent of Indian families managed to cross this one percent mark, but the statistics of 2009-10 show a drastic change as the percentage grew to 53 percent is likely to touch 59 percent by the year 2014-15. The families holding their position in the top household income families are also considered to be high spenders as 40 percent of the income is spent on private consumption. Whereas, middle income families just spend 17 percent of their incomes on private consumption. So this brings out a curiosity, what actually do these families do with high surplus? And what exactly they spend on?