What: The Financial Times reviews the growing population of Indian VICs, a future source of income for department stores of the world.

Why it is important: One shall expect a very different set of values and ways of consuming from the Chinese customers.

The Economist highlights the growing number of dollar millionaires in India, which has been expanding at an annual rate of 8.5% between 2012 and 2022, outpacing average GDP growth of 5.6%. This growth is expected to continue, with wealth managers predicting a 15-20% per year expansion in the number of dollar millionaires. The new rich in India are characterized by their geographic diversification, with a significant increase in investors from small cities, and a younger median age compared to the previous generation of wealthy Indians. The new rich are also more likely to be first-generation businessmen or salaried professionals with strong middle-class values. They are more comfortable with capital markets and take more risks in investment and consumption, with a growing interest in foreign holidays, luxury brands, and high-end goods. However, there are also risks to this growth, including political, regulatory, or tax changes, and the potential for the wealthy to flee the country due to concerns about pollution and the quality of life. Overall, the Economist suggests that India's new rich are a dynamic and influential group that is shaping the country's economic and social landscape.

Understanding the new eldorado: crazy rich Indians