The average monthly household income of the richest 1% of Indians is Rs66,627 and that of the richest 10% is Rs35,605, according to the latest data from a nationally representative survey, the Household Survey on India’s Citizen Environment & Consumer Economy (ICE 360° survey) conducted in 2016.

Given that these income estimates are based on self-reported data, it is likely that they understate true incomes, especially in the case of top earners. One way to adjust for the under-reporting is to look at the extent of discrepancy between the aggregate household disposable income estimated by the survey and the one reported in the national accounts, and adjusting for that discrepancy by blowing up the income estimates from the survey. Such an exercise suggests that the average monthly household income of the top 1% could be as high as Rs1.17 lakh while that of the top decile could be Rs 62,574.