Abdullah said he had given the Centre time to fulfil its promise of restoring statehood after his government took office, but claimed that “the reality is that they want to keep the situation like this”. NEW DELHI: Jammu and Kashmir chief minister Omar Abdullah on Saturday stepped up his demand for the restoration of statehood, urging the Centre not to mistake his government’s patience for weakness and asking it to clearly define what it means by the “appropriate time” for restoring the Union Territory’s full status.Addressing a grand workers’ convention at the mausoleum of his grandparents in Hazratbal on the 26th death anniversary of his grandmother, Akbar Jehan, Abdullah said his party had deliberately chosen dialogue over confrontation but warned that restraint should not be seen as surrender.Abdullah said he had given the Centre time to fulfil its promise of restoring statehood after his government took office, but claimed that “the reality is that they want to keep the situation like this”.He alleged that the elected government was being prevented from functioning effectively, accusing the BJP-led Centre of governing Jammu and Kashmir through the Lieutenant Governor. “Why did you (let us) form the government if you will not allow it to function? What is the benefit? Then you should not have conducted the elections,” he said.Calling for clarity, Abdullah asked the Centre to explain what constituted the “appropriate time” for restoring statehood. “I ask them, for God’s sake, how will we know that the appropriate time has come. What do I and my colleagues have to do to reach that appropriate time,” he said.He also questioned whether the Centre’s definition of the “appropriate time” depended on the BJP coming to power in Jammu and Kashmir. Referring to voter participation in parliamentary and assembly elections, he asked how many more elections people would have to contest in the hope that statehood would eventually be restored.While saying his government also wanted local bodies and panchayat elections to be held, Abdullah asserted that the Jammu and Kashmir government would decide the “appropriate time” for conducting those polls, adding that the Centre had turned the people’s patience, decency and silence into “a joke”.Get the latest India news and live updates. Download the TOI App.About the AuthorTOI News DeskThe TOI News Desk comprises a dedicated and tireless team of journalists who operate around the clock to deliver the most current and comprehensive news and updates to the readers of The Times of India worldwide. With an unwavering commitment to excellence in journalism, our team is at the forefront of gathering, verifying, and presenting breaking news, in-depth analysis, and insightful reports on a wide range of topics. The TOI News Desk is your trusted source for staying informed and connected to the ever-evolving global landscape, ensuring that our readers are equipped with the latest developments that matter most.”Read MoreEnd of ArticleFollow Us On Social MediaVideosSonam Wangchuk Rejects ‘Modern Gandhi’ Label As Hunger Strike Enters Fourteenth Day In DelhiSupriya Sule Dismisses Pawar-Shinde Meeting Row, Calls It A ‘Storm In A Tea Cup’ Amid SpeculationINS Mahendragiri Joins Indian Navy, Boosting Maritime Power Amid Indo-Pacific Challenges | WatchHighway Blocked, Resignations Threatened As BJP Faces Backlash Over Ticket Choice In MPNEET Paper Leak Traced To Contracted Paper Setters, Charge Sheet Likely This Month | WatchIndia, New Zealand Grows Ties to Strategic Partnership; Aim to Double Trade to ₹35,000 Crore by 2030″J&K Is Part Of India”: Indian Diplomat Objects To Map Row At Dhaka Foreign Policy EventSupreme Court Drama: Petitioner Abuses CJI, Throws Papers; No Contempt Action TakenDevendra Fadnavis Clarifies ‘Bhade Ke Tattu’ Remark, Says He Will Call Critics ‘Hired Fools’Amit Shah Announces Smart Border Vision With Four-Pronged Security Grid123PhotostoriesStylish Shubman Gill joins Anjali Sachin Tendulkar at Wimbledon 2026; fans ask, ‘Where is Sara?’World’s 10 most populous cities in 2026 every traveller should know7 foods that feed good gut bacteria better than curd5 DIY haircare ingredients that may be causing more hair fall than you thinkAnanya Panday ditched conventional Wimbledon whites for a chic red Ralph Lauren dress that turned every headEating these 8 foods excessively may contribute to hair fall10 things every Indian child born in the 90s and 2000s remembersRelationship lessons from Riteish Deshmukh and Genelia D’Souza that couples can learnHow to know if fish is fresh: 5 simple signs that can save you from buying stale seafoodWhat happens to your body when you eat chickpeas every day for a month123Hot PicksSIRBlake LivelyGurgaon EncounterCM VijayAlex PereiraPM ModiNico HischierStrait of HormuzSimone BilesTop TrendingGurgaon MonsoonAMU Seerat CertificateTelangana Techie Wife MurderFIFA World Cup 2026Weather TodayTS EAMCET Phase 1 seat allotmentRamesh MhatreDelhi NCR rainGurgaon EncounterIran war

Abdullah said he had given the Centre time to fulfil its promise of restoring statehood after his government took office, but claimed that “the reality is that they want to keep the situation like this”. NEW DELHI: Jammu and Kashmir chief minister Omar Abdullah on Saturday stepped up his demand for the restoration of statehood, urging the Centre not to mistake his government’s patience for weakness and asking it to clearly define what it means by the “appropriate time” for restoring the Union Territory’s full status.Addressing a grand workers’ convention at the mausoleum of his grandparents in Hazratbal on the 26th death anniversary of his grandmother, Akbar Jehan, Abdullah said his party had deliberately chosen dialogue over confrontation but warned that restraint should not be seen as surrender.Abdullah said he had given the Centre time to fulfil its promise of restoring statehood after his government took office, but claimed that “the reality is that they want to keep the situation like this”.He alleged that the elected government was being prevented from functioning effectively, accusing the BJP-led Centre of governing Jammu and Kashmir through the Lieutenant Governor. “Why did you (let us) form the government if you will not allow it to function? What is the benefit? Then you should not have conducted the elections,” he said.Calling for clarity, Abdullah asked the Centre to explain what constituted the “appropriate time” for restoring statehood. “I ask them, for God’s sake, how will we know that the appropriate time has come. What do I and my colleagues have to do to reach that appropriate time,” he said.He also questioned whether the Centre’s definition of the “appropriate time” depended on the BJP coming to power in Jammu and Kashmir. Referring to voter participation in parliamentary and assembly elections, he asked how many more elections people would have to contest in the hope that statehood would eventually be restored.While saying his government also wanted local bodies and panchayat elections to be held, Abdullah asserted that the Jammu and Kashmir government would decide the “appropriate time” for conducting those polls, adding that the Centre had turned the people’s patience, decency and silence into “a joke”.Get the latest India news and live updates. Download the TOI App.About the AuthorTOI News DeskThe TOI News Desk comprises a dedicated and tireless team of journalists who operate around the clock to deliver the most current and comprehensive news and updates to the readers of The Times of India worldwide. With an unwavering commitment to excellence in journalism, our team is at the forefront of gathering, verifying, and presenting breaking news, in-depth analysis, and insightful reports on a wide range of topics. The TOI News Desk is your trusted source for staying informed and connected to the ever-evolving global landscape, ensuring that our readers are equipped with the latest developments that matter most.”Read MoreEnd of ArticleFollow Us On Social MediaVideosSonam Wangchuk Rejects ‘Modern Gandhi’ Label As Hunger Strike Enters Fourteenth Day In DelhiSupriya Sule Dismisses Pawar-Shinde Meeting Row, Calls It A ‘Storm In A Tea Cup’ Amid SpeculationINS Mahendragiri Joins Indian Navy, Boosting Maritime Power Amid Indo-Pacific Challenges | WatchHighway Blocked, Resignations Threatened As BJP Faces Backlash Over Ticket Choice In MPNEET Paper Leak Traced To Contracted Paper Setters, Charge Sheet Likely This Month | WatchIndia, New Zealand Grows Ties to Strategic Partnership; Aim to Double Trade to ₹35,000 Crore by 2030″J&K Is Part Of India”: Indian Diplomat Objects To Map Row At Dhaka Foreign Policy EventSupreme Court Drama: Petitioner Abuses CJI, Throws Papers; No Contempt Action TakenDevendra Fadnavis Clarifies ‘Bhade Ke Tattu’ Remark, Says He Will Call Critics ‘Hired Fools’Amit Shah Announces Smart Border Vision With Four-Pronged Security Grid123PhotostoriesStylish Shubman Gill joins Anjali Sachin Tendulkar at Wimbledon 2026; fans ask, ‘Where is Sara?’World’s 10 most populous cities in 2026 every traveller should know7 foods that feed good gut bacteria better than curd5 DIY haircare ingredients that may be causing more hair fall than you thinkAnanya Panday ditched conventional Wimbledon whites for a chic red Ralph Lauren dress that turned every headEating these 8 foods excessively may contribute to hair fall10 things every Indian child born in the 90s and 2000s remembersRelationship lessons from Riteish Deshmukh and Genelia D’Souza that couples can learnHow to know if fish is fresh: 5 simple signs that can save you from buying stale seafoodWhat happens to your body when you eat chickpeas every day for a month123Hot PicksSIRBlake LivelyGurgaon EncounterCM VijayAlex PereiraPM ModiNico HischierStrait of HormuzSimone BilesTop TrendingGurgaon MonsoonAMU Seerat CertificateTelangana Techie Wife MurderFIFA World Cup 2026Weather TodayTS EAMCET Phase 1 seat allotmentRamesh MhatreDelhi NCR rainGurgaon EncounterIran war

Abdullah said he had given the Centre time to fulfil its promise of restoring statehood after his government took office, but claimed that “the reality is that they want to keep the situation like this”. NEW DELHI: Jammu and Kashmir chief minister Omar Abdullah on Saturday stepped up his demand for the restoration of statehood,…

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Watch: ‘Viking Row’ fever grips Miami before Norway’s historic World Cup clash against England | Football News

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Viking Row in Miami (Image: X) Miami Beach has been painted red ahead of one of the biggest matches of the 2026 FIFA World Cup, with thousands of Norway supporters turning the city’s iconic Ocean Drive into a carnival of chants, songs and Viking-inspired celebrations before Saturday’s quarter-final against England.The Scandinavian nation has captured the…

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Stylish Shubman Gill joins Anjali Sachin Tendulkar at Wimbledon 2026; fans ask, ‘Where is Sara?’

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Then your eyes naturally went to the accessories. On his wrist was a Rolex Cosmograph Daytona with the Tiffany blue dial, one of those watches that collectors instantly recognise. It’s luxurious, no doubt, but it doesn’t shout. Unless you’re into watches, you’d probably miss it altogether. His shoes, though, were impossible to ignore. Gill wore…

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Representative image (PTI file) NEW DELHI: A 28-year-old Indian tourist from Bihar died after drowning in Nepal’s Phewa Lake in Pokhara, police said on Friday.The deceased was identified as Rohit Kumar, who had travelled to Pokhara with four friends. The incident took place on Thursday evening after the group visited the Tal Barahi Temple, located on an island in the lake.According to the district police office, Kaski, the group had docked their boat at the temple when Rohit and one of his friends decided to swim in the lake. During the swim, Rohit reportedly sank into the water and went missing.A disaster management team led by armed police force assistant Sub Inspector Devendra KC, deployed from the Phewa Watch and Rescue Tower, launched a search operation immediately after receiving information about the incident.Rohit was rescued at around 5 pm by a team of the armed police force, Kaski district police spokesperson Birendra Kumar Paswan said.He was rushed to the Western Regional Hospital in Pokhara, where he succumbed during treatment, police said.Authorities are investigating the incident.Get the latest India news and live updates. Download the TOI App.About the AuthorTOI News DeskThe TOI News Desk comprises a dedicated and tireless team of journalists who operate around the clock to deliver the most current and comprehensive news and updates to the readers of The Times of India worldwide. With an unwavering commitment to excellence in journalism, our team is at the forefront of gathering, verifying, and presenting breaking news, in-depth analysis, and insightful reports on a wide range of topics. The TOI News Desk is your trusted source for staying informed and connected to the ever-evolving global landscape, ensuring that our readers are equipped with the latest developments that matter most.”Read MoreEnd of ArticleFollow Us On Social MediaVideosSupriya Sule Dismisses Pawar-Shinde Meeting Row, Calls It A ‘Storm In A Tea Cup’ Amid SpeculationINS Mahendragiri Joins Indian Navy, Boosting Maritime Power Amid Indo-Pacific Challenges | WatchHighway Blocked, Resignations Threatened As BJP Faces Backlash Over Ticket Choice In MPNEET Paper Leak Traced To Contracted Paper Setters, Charge Sheet Likely This Month | WatchIndia, New Zealand Grows Ties to Strategic Partnership; Aim to Double Trade to ₹35,000 Crore by 2030″J&K Is Part Of India”: Indian Diplomat Objects To Map Row At Dhaka Foreign Policy EventSupreme Court Drama: Petitioner Abuses CJI, Throws Papers; No Contempt Action TakenDevendra Fadnavis Clarifies ‘Bhade Ke Tattu’ Remark, Says He Will Call Critics ‘Hired Fools’Amit Shah Announces Smart Border Vision With Four-Pronged Security Grid40-Foot Illegal Pipeline Linked To IOCL Oil Network Found In Rajasthan; Police Probe Oil Theft123PhotostoriesStylish Shubman Gill joins Anjali Sachin Tendulkar at Wimbledon 2026; fans ask, ‘Where is Sara?’World’s 10 most populous cities in 2026 every traveller should know7 foods that feed good gut bacteria better than curd5 DIY haircare ingredients that may be causing more hair fall than you thinkAnanya Panday ditched conventional Wimbledon whites for a chic red Ralph Lauren dress that turned every headEating these 8 foods excessively may contribute to hair fall10 things every Indian child born in the 90s and 2000s remembersRelationship lessons from Riteish Deshmukh and Genelia D’Souza that couples can learnHow to know if fish is fresh: 5 simple signs that can save you from buying stale seafoodWhat happens to your body when you eat chickpeas every day for a month123Hot PicksSIRBlake LivelyGurgaon EncounterCM VijayAlex PereiraPM ModiNico HischierStrait of HormuzSimone BilesTop TrendingGurgaon MonsoonAMU Seerat CertificateTelangana Techie Wife MurderFIFA World Cup 2026Weather TodayTS EAMCET Phase 1 seat allotmentRamesh MhatreDelhi NCR rainGurgaon EncounterIran war

Representative image (PTI file) NEW DELHI: A 28-year-old Indian tourist from Bihar died after drowning in Nepal’s Phewa Lake in Pokhara, police said on Friday.The deceased was identified as Rohit Kumar, who had travelled to Pokhara with four friends. The incident took place on Thursday evening after the group visited the Tal Barahi Temple, located on an island in the lake.According to the district police office, Kaski, the group had docked their boat at the temple when Rohit and one of his friends decided to swim in the lake. During the swim, Rohit reportedly sank into the water and went missing.A disaster management team led by armed police force assistant Sub Inspector Devendra KC, deployed from the Phewa Watch and Rescue Tower, launched a search operation immediately after receiving information about the incident.Rohit was rescued at around 5 pm by a team of the armed police force, Kaski district police spokesperson Birendra Kumar Paswan said.He was rushed to the Western Regional Hospital in Pokhara, where he succumbed during treatment, police said.Authorities are investigating the incident.Get the latest India news and live updates. Download the TOI App.About the AuthorTOI News DeskThe TOI News Desk comprises a dedicated and tireless team of journalists who operate around the clock to deliver the most current and comprehensive news and updates to the readers of The Times of India worldwide. With an unwavering commitment to excellence in journalism, our team is at the forefront of gathering, verifying, and presenting breaking news, in-depth analysis, and insightful reports on a wide range of topics. The TOI News Desk is your trusted source for staying informed and connected to the ever-evolving global landscape, ensuring that our readers are equipped with the latest developments that matter most.”Read MoreEnd of ArticleFollow Us On Social MediaVideosSupriya Sule Dismisses Pawar-Shinde Meeting Row, Calls It A ‘Storm In A Tea Cup’ Amid SpeculationINS Mahendragiri Joins Indian Navy, Boosting Maritime Power Amid Indo-Pacific Challenges | WatchHighway Blocked, Resignations Threatened As BJP Faces Backlash Over Ticket Choice In MPNEET Paper Leak Traced To Contracted Paper Setters, Charge Sheet Likely This Month | WatchIndia, New Zealand Grows Ties to Strategic Partnership; Aim to Double Trade to ₹35,000 Crore by 2030″J&K Is Part Of India”: Indian Diplomat Objects To Map Row At Dhaka Foreign Policy EventSupreme Court Drama: Petitioner Abuses CJI, Throws Papers; No Contempt Action TakenDevendra Fadnavis Clarifies ‘Bhade Ke Tattu’ Remark, Says He Will Call Critics ‘Hired Fools’Amit Shah Announces Smart Border Vision With Four-Pronged Security Grid40-Foot Illegal Pipeline Linked To IOCL Oil Network Found In Rajasthan; Police Probe Oil Theft123PhotostoriesStylish Shubman Gill joins Anjali Sachin Tendulkar at Wimbledon 2026; fans ask, ‘Where is Sara?’World’s 10 most populous cities in 2026 every traveller should know7 foods that feed good gut bacteria better than curd5 DIY haircare ingredients that may be causing more hair fall than you thinkAnanya Panday ditched conventional Wimbledon whites for a chic red Ralph Lauren dress that turned every headEating these 8 foods excessively may contribute to hair fall10 things every Indian child born in the 90s and 2000s remembersRelationship lessons from Riteish Deshmukh and Genelia D’Souza that couples can learnHow to know if fish is fresh: 5 simple signs that can save you from buying stale seafoodWhat happens to your body when you eat chickpeas every day for a month123Hot PicksSIRBlake LivelyGurgaon EncounterCM VijayAlex PereiraPM ModiNico HischierStrait of HormuzSimone BilesTop TrendingGurgaon MonsoonAMU Seerat CertificateTelangana Techie Wife MurderFIFA World Cup 2026Weather TodayTS EAMCET Phase 1 seat allotmentRamesh MhatreDelhi NCR rainGurgaon EncounterIran war

Representative image (PTI file) NEW DELHI: A 28-year-old Indian tourist from Bihar died after drowning in Nepal’s Phewa Lake in Pokhara, police said on Friday.The deceased was identified as Rohit Kumar, who had travelled to Pokhara with four friends. The incident took place on Thursday evening after the group visited the Tal Barahi Temple, located…

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Median wealth of Indians are increasing If the UBS Global Wealth Report 2026 is anything to go by, acche din has arrived for a growing slice of Indians who are fast moving up the social ladder. India added 31,033 new US-dollar millionaires in 2025, more than twice mainland China’s 14,079. India’s millionaire count rose 3.4% in the year against China’s 0.3%, though China is working off a far bigger base. For all the talk of the dragon breathing fire while the elephant lags on infrastructure and industrial heft, this is one scorecard where India comes out ahead. But the shape of that wealth carries a pattern policymakers will want to watch, because even as Indians get richer, they still don’t store their wealth the way the West does.UBS defines wealth as financial assets plus real assets, principally housing, minus debt. Measured that way, only 25.8% of India’s gross personal wealth sits in financial assets, against 78.9% in the US, 68.9% in Japan, 54.9% in South Korea and 51.9% in mainland China. India is close to the bottom of the table on this count.How the data has changedChina still has a far larger millionaire base. UBS estimates over 5.3 million dollar millionaires there, against India’s roughly 944,000, with the US in a league of its own at more than 23.6 million. But in 2025, India minted more new dollar millionaires than China, Russia, South Korea, Germany and Italy. India beats ChinaThat is a sharp shift from the previous cycle, though UBS cautions against reading too much into such comparisons because its methodology has changed. In 2024, the US added 379,000 dollar millionaires, or more than 1,000 a day, and mainland China added 141,000, or over 386 a day, while India added around 39,000 in the year.A second yardstick tells a similar story. The Mercedes-Benz Hurun India Wealth Report 2025 estimated the number of millionaire families in India at 871,700, up from 458,000 in 2021 and 159,900 in 2017, with Mumbai alone accounting for 142,000, followed by New Delhi at 68,200 and Bengaluru at 31,600. Hurun counts families and UBS counts individuals, so the totals aren’t directly comparable, but the trends run in the same direction. The millionaire class is expanding fast, but remains concentrated in a few cities. India nearing 1 million millionaires How Indians are differentHere, the Indian wealth story diverges from richer financial economies. The Indian wealthy are far more attached to real estate than their peers in the West. The habit is old and well documented, an RBI-linked household finance study found that the average Indian household held 77% of its assets in real estate, 11% in gold, 7% in durable goods and just 5% in financial assets. In that sense, UBS’s 2026 finding confirms a well-established trend.The World Gold Council estimates that Indian households sit on as much as 25,000 tonnes of gold, held not only as an investment but also as wedding heirlooms, emergency collateral and what many regard as an inflation hedge. Gold and real estate, especially in posh locations, are also visible markers of upward mobility. For many, being seen as rich is as important as being rich. India is rich but not liquid Equities have gone more mainstream on the back of SIPs, mutual funds, demat accounts and the post-pandemic retail rush, but UBS figures show it is still early days for those instruments. Fresh savings continue to flow more into tangible assets. In FY24, household net financial savings came to 5.3% of GDP while savings in physical assets rose to 13.5%.The preference isn’t costless, though the comparison depends heavily on the period chosen. Official housing-price data points to modest national gains. National Housing Bank study puts India’s housing price index CAGR at 4.75% over 2013Q2–2024Q3, while residential rental yields have generally stayed modest, in the 2–6% range. Gold did well too, compounding at roughly 9–11% a year over the decade on most estimates, before the 2025–26 price spike pushed returns even higher.Equities, however, have generally rewarded financialisation more strongly over long periods, with Nifty 50 total returns in the low double digits and midcap indices higher. A house in the right Tier-1 pocket may have done far better than the national average, but a typical property-heavy portfolio has often seen lesser returns. At 8.2% of gross wealth, India’s household debt sits below mainland China’s 10.6%, the US’s 10.9%, Japan’s 11.9%, Australia’s 18%, the UK’s 20% and Brazil’s 23.4%. Prima facie, it is reassuring that Indians aren’t overleveraged, but coupled with India’s thin financial-asset share, it points to wealth that is deeply concentrated and locked mostly away from market instruments. India’s wealth is low-debt Very high inequalityThe inequality data points to a similar picture. UBS puts India’s wealth Gini at 0.74, close to the US’s 0.77 and well above mainland China’s 0.60. A Gini score of 0 indicates perfect equality, while 1 indicates extreme inequality, so India’s 0.74 is fairly high by UBS’s metric.As UBS chief economist Paul Donovan notes in the report, people tend to judge their wealth relative to others rather than in absolute terms, so many don’t feel rich even when they are better off than before. For many, Sharma ji ka ladka in the neighbourhood is always one notch higher on the social-mobility ladder. Yet there is hard data to show that Indians are doing better, and even beating the global average. UBS notes India is among the few markets where median wealth has climbed roughly 20% since 2020, while many others saw it fall. Stark inequalityFor policymakers, the stakes are obvious. A more financialised base of household wealth would deepen capital markets, put retirement planning on firmer ground and ease the economy’s overdependence on property. The economic historian Joel Mokyr, interviewed in the same report, makes the case that money follows opportunity, if the conditions are right and the idea is good, he argues, capital will flow to it.India’s challenge is the reverse of a capital shortage. The money is already here, sitting in gold and brick. Whether a new crop of affluent Indians breaks the pattern of yore will be a trend worth following.Get the latest India news and live updates. Download the TOI App.About the AuthorArghya Prasun RoychowdhuryInterested in politics, policy, data and cricket.End of ArticleFollow Us On Social MediaVideosSupriya Sule Dismisses Pawar-Shinde Meeting Row, Calls It A ‘Storm In A Tea Cup’ Amid SpeculationINS Mahendragiri Joins Indian Navy, Boosting Maritime Power Amid Indo-Pacific Challenges | WatchHighway Blocked, Resignations Threatened As BJP Faces Backlash Over Ticket Choice In MPNEET Paper Leak Traced To Contracted Paper Setters, Charge Sheet Likely This Month | WatchIndia, New Zealand Grows Ties to Strategic Partnership; Aim to Double Trade to ₹35,000 Crore by 2030″J&K Is Part Of India”: Indian Diplomat Objects To Map Row At Dhaka Foreign Policy EventSupreme Court Drama: Petitioner Abuses CJI, Throws Papers; No Contempt Action TakenDevendra Fadnavis Clarifies ‘Bhade Ke Tattu’ Remark, Says He Will Call Critics ‘Hired Fools’Amit Shah Announces Smart Border Vision With Four-Pronged Security Grid40-Foot Illegal Pipeline Linked To IOCL Oil Network Found In Rajasthan; Police Probe Oil Theft123Photostories5 DIY haircare ingredients that may be causing more hair fall than you thinkAnanya Panday ditched conventional Wimbledon whites for a chic red Ralph Lauren dress that turned every headEating these 8 foods excessively may contribute to hair fall10 things every Indian child born in the 90s and 2000s remembersRelationship lessons from Riteish Deshmukh and Genelia D’Souza that couples can learnHow to know if fish is fresh: 5 simple signs that can save you from buying stale seafoodWhat happens to your body when you eat chickpeas every day for a monthFrom Samosa to Bread Pakoda: Popular deep-fried snacks of India and their calorie count you should knowTop 6 most visited national parks in the USA every nature lover should experience once in their lifetimeHow Chanel No. 5 got its famous name: The story behind the iconic fragrance123Hot PicksSIRBlake LivelyGurgaon EncounterCM VijayAlex PereiraPM ModiNico HischierStrait of HormuzSimone BilesTop TrendingGurgaon MonsoonAMU Seerat CertificateTelangana Techie Wife MurderFIFA World Cup 2026Weather TodayTS EAMCET Phase 1 seat allotmentRamesh MhatreDelhi NCR rainGurgaon EncounterIran war

Median wealth of Indians are increasing If the UBS Global Wealth Report 2026 is anything to go by, acche din has arrived for a growing slice of Indians who are fast moving up the social ladder. India added 31,033 new US-dollar millionaires in 2025, more than twice mainland China’s 14,079. India’s millionaire count rose 3.4% in the year against China’s 0.3%, though China is working off a far bigger base. For all the talk of the dragon breathing fire while the elephant lags on infrastructure and industrial heft, this is one scorecard where India comes out ahead. But the shape of that wealth carries a pattern policymakers will want to watch, because even as Indians get richer, they still don’t store their wealth the way the West does.UBS defines wealth as financial assets plus real assets, principally housing, minus debt. Measured that way, only 25.8% of India’s gross personal wealth sits in financial assets, against 78.9% in the US, 68.9% in Japan, 54.9% in South Korea and 51.9% in mainland China. India is close to the bottom of the table on this count.How the data has changedChina still has a far larger millionaire base. UBS estimates over 5.3 million dollar millionaires there, against India’s roughly 944,000, with the US in a league of its own at more than 23.6 million. But in 2025, India minted more new dollar millionaires than China, Russia, South Korea, Germany and Italy. India beats ChinaThat is a sharp shift from the previous cycle, though UBS cautions against reading too much into such comparisons because its methodology has changed. In 2024, the US added 379,000 dollar millionaires, or more than 1,000 a day, and mainland China added 141,000, or over 386 a day, while India added around 39,000 in the year.A second yardstick tells a similar story. The Mercedes-Benz Hurun India Wealth Report 2025 estimated the number of millionaire families in India at 871,700, up from 458,000 in 2021 and 159,900 in 2017, with Mumbai alone accounting for 142,000, followed by New Delhi at 68,200 and Bengaluru at 31,600. Hurun counts families and UBS counts individuals, so the totals aren’t directly comparable, but the trends run in the same direction. The millionaire class is expanding fast, but remains concentrated in a few cities. India nearing 1 million millionaires How Indians are differentHere, the Indian wealth story diverges from richer financial economies. The Indian wealthy are far more attached to real estate than their peers in the West. The habit is old and well documented, an RBI-linked household finance study found that the average Indian household held 77% of its assets in real estate, 11% in gold, 7% in durable goods and just 5% in financial assets. In that sense, UBS’s 2026 finding confirms a well-established trend.The World Gold Council estimates that Indian households sit on as much as 25,000 tonnes of gold, held not only as an investment but also as wedding heirlooms, emergency collateral and what many regard as an inflation hedge. Gold and real estate, especially in posh locations, are also visible markers of upward mobility. For many, being seen as rich is as important as being rich. India is rich but not liquid Equities have gone more mainstream on the back of SIPs, mutual funds, demat accounts and the post-pandemic retail rush, but UBS figures show it is still early days for those instruments. Fresh savings continue to flow more into tangible assets. In FY24, household net financial savings came to 5.3% of GDP while savings in physical assets rose to 13.5%.The preference isn’t costless, though the comparison depends heavily on the period chosen. Official housing-price data points to modest national gains. National Housing Bank study puts India’s housing price index CAGR at 4.75% over 2013Q2–2024Q3, while residential rental yields have generally stayed modest, in the 2–6% range. Gold did well too, compounding at roughly 9–11% a year over the decade on most estimates, before the 2025–26 price spike pushed returns even higher.Equities, however, have generally rewarded financialisation more strongly over long periods, with Nifty 50 total returns in the low double digits and midcap indices higher. A house in the right Tier-1 pocket may have done far better than the national average, but a typical property-heavy portfolio has often seen lesser returns. At 8.2% of gross wealth, India’s household debt sits below mainland China’s 10.6%, the US’s 10.9%, Japan’s 11.9%, Australia’s 18%, the UK’s 20% and Brazil’s 23.4%. Prima facie, it is reassuring that Indians aren’t overleveraged, but coupled with India’s thin financial-asset share, it points to wealth that is deeply concentrated and locked mostly away from market instruments. India’s wealth is low-debt Very high inequalityThe inequality data points to a similar picture. UBS puts India’s wealth Gini at 0.74, close to the US’s 0.77 and well above mainland China’s 0.60. A Gini score of 0 indicates perfect equality, while 1 indicates extreme inequality, so India’s 0.74 is fairly high by UBS’s metric.As UBS chief economist Paul Donovan notes in the report, people tend to judge their wealth relative to others rather than in absolute terms, so many don’t feel rich even when they are better off than before. For many, Sharma ji ka ladka in the neighbourhood is always one notch higher on the social-mobility ladder. Yet there is hard data to show that Indians are doing better, and even beating the global average. UBS notes India is among the few markets where median wealth has climbed roughly 20% since 2020, while many others saw it fall. Stark inequalityFor policymakers, the stakes are obvious. A more financialised base of household wealth would deepen capital markets, put retirement planning on firmer ground and ease the economy’s overdependence on property. The economic historian Joel Mokyr, interviewed in the same report, makes the case that money follows opportunity, if the conditions are right and the idea is good, he argues, capital will flow to it.India’s challenge is the reverse of a capital shortage. The money is already here, sitting in gold and brick. Whether a new crop of affluent Indians breaks the pattern of yore will be a trend worth following.Get the latest India news and live updates. Download the TOI App.About the AuthorArghya Prasun RoychowdhuryInterested in politics, policy, data and cricket.End of ArticleFollow Us On Social MediaVideosSupriya Sule Dismisses Pawar-Shinde Meeting Row, Calls It A ‘Storm In A Tea Cup’ Amid SpeculationINS Mahendragiri Joins Indian Navy, Boosting Maritime Power Amid Indo-Pacific Challenges | WatchHighway Blocked, Resignations Threatened As BJP Faces Backlash Over Ticket Choice In MPNEET Paper Leak Traced To Contracted Paper Setters, Charge Sheet Likely This Month | WatchIndia, New Zealand Grows Ties to Strategic Partnership; Aim to Double Trade to ₹35,000 Crore by 2030″J&K Is Part Of India”: Indian Diplomat Objects To Map Row At Dhaka Foreign Policy EventSupreme Court Drama: Petitioner Abuses CJI, Throws Papers; No Contempt Action TakenDevendra Fadnavis Clarifies ‘Bhade Ke Tattu’ Remark, Says He Will Call Critics ‘Hired Fools’Amit Shah Announces Smart Border Vision With Four-Pronged Security Grid40-Foot Illegal Pipeline Linked To IOCL Oil Network Found In Rajasthan; Police Probe Oil Theft123Photostories5 DIY haircare ingredients that may be causing more hair fall than you thinkAnanya Panday ditched conventional Wimbledon whites for a chic red Ralph Lauren dress that turned every headEating these 8 foods excessively may contribute to hair fall10 things every Indian child born in the 90s and 2000s remembersRelationship lessons from Riteish Deshmukh and Genelia D’Souza that couples can learnHow to know if fish is fresh: 5 simple signs that can save you from buying stale seafoodWhat happens to your body when you eat chickpeas every day for a monthFrom Samosa to Bread Pakoda: Popular deep-fried snacks of India and their calorie count you should knowTop 6 most visited national parks in the USA every nature lover should experience once in their lifetimeHow Chanel No. 5 got its famous name: The story behind the iconic fragrance123Hot PicksSIRBlake LivelyGurgaon EncounterCM VijayAlex PereiraPM ModiNico HischierStrait of HormuzSimone BilesTop TrendingGurgaon MonsoonAMU Seerat CertificateTelangana Techie Wife MurderFIFA World Cup 2026Weather TodayTS EAMCET Phase 1 seat allotmentRamesh MhatreDelhi NCR rainGurgaon EncounterIran war

Median wealth of Indians are increasing If the UBS Global Wealth Report 2026 is anything to go by, acche din has arrived for a growing slice of Indians who are fast moving up the social ladder. India added 31,033 new US-dollar millionaires in 2025, more than twice mainland China’s 14,079. India’s millionaire count rose 3.4%…

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