The three Indias: Making sense of the great economic divide

India is third on the list of countries with the wealthiest billionaires. Meanwhile, less than 38% of households own a refrigerator.

What does ultra-high net worth mean? How many are they and how do they live? What of India’s poorest? Who are we, as a country, once the slim upper crust has been peeled away?

Split three ways

The Indus Valley Annual Report 2025, published by venture capital firm Blume Ventures, divides India into three categories: India 1, representing the wealthiest 10% of the population; India 2, representing the middle 23%; and the vast swathe of India 3.

* ₹12.80