India’s high-net-worth individual (HNWI) population, comprising those with assets exceeding $10 million, grew by six per cent in 2024, reaching 85,698, according to global property consultant Knight Frank. The latest edition of ‘The Wealth Report 2025,’ released on Wednesday, highlights India’s expanding wealth landscape, with the HNWI population projected to reach 93,753 by 2028.
Economic growth
The steady rise in India’s wealthy population reflects the country’s strong economic growth, increasing investment opportunities, and a rapidly evolving luxury market. The report positions India as a significant player in global wealth creation, reinforcing its economic resilience. The billionaire population has also surged, with 191 billionaires in 2024, up from 165 the previous year. Notably, 26 individuals joined the billionaire ranks in 2024, compared to just seven in 2019.
India ranks 3rd in global billionaire wealth
The combined wealth of Indian billionaires is estimated at $950 billion, securing India’s position as the third-largest wealth hub globally. The United States leads the ranking with billionaire wealth amounting to $5.7 trillion, followed by Mainland China with $1.34 trillion.
Shishir Baijal, Chairman & Managing Director of Knight Frank India, emphasised that India’s wealth surge is driven by entrepreneurial growth, global market integration, and emerging industries. He noted that the expansion is not just about numbers but also about shifting investment trends. India’s affluent class is increasingly diversifying their investments across real estate, global equities, and alternative asset classes.
As India’s economic influence grows, its role in global wealth creation is expected to strengthen further. Baijal predicts that the next decade will see India playing an even more crucial role in the international financial landscape.
