India’s high-net-worth individual (HNWI) population, defined as those possessing assets exceeding $10 million, experienced a six percent rise in 2024, reaching a total of 85,698, according to global property consultant Knight Frank. The recently published ‘Wealth Report 2025,’ unveiled on Wednesday, sheds light on the country’s expanding wealth sector, projecting the HNWI population to grow further to 93,753 by 2028.
India’s continuous economic expansion has played a pivotal role in the increasing number of wealthy individuals. The steady rise in the affluent population can be attributed to robust economic performance, growing investment prospects, and a rapidly developing luxury market. The report underscores India’s emergence as a key player in global wealth generation, further solidifying its economic stability.
The billionaire population in India has also witnessed a significant surge, rising to 191 in 2024 from 165 in the preceding year. A remarkable 26 individuals joined the billionaire ranks in 2024, a sharp contrast to just seven new billionaires in 2019, highlighting the rapid pace of wealth accumulation in the country.
India has now positioned itself as the third-largest global hub for billionaire wealth, with the collective net worth of Indian billionaires estimated at $950 billion. The United States remains at the top of the list with a total billionaire wealth of $5.7 trillion, followed by Mainland China, which holds a combined billionaire wealth of $1.34 trillion.
Shishir Baijal, Chairman & Managing Director of Knight Frank India, emphasized the factors fueling this surge in wealth. “India’s wealth surge is driven by entrepreneurial growth, global market integration, and emerging industries,” he stated. He also pointed out that the expansion in wealth is not just limited to an increase in numbers but is also reflected in changing investment patterns. India’s affluent class is increasingly spreading their investments across real estate, global equities, and alternative asset classes, diversifying their portfolios beyond traditional avenues.
As India continues to assert itself on the global economic stage, its role in wealth creation is set to expand even further. Baijal predicts that over the next decade, India will play an even more significant role in shaping the international financial landscape, further strengthening its position in the world economy.
