The number of high-net-worth individuals (HNWIs) in India, defined as those with assets exceeding USD 10 million, grew by 6 per cent in 2024 to reach 85,698, according to global property consultant Knight Frank. The findings were shared in Knight Frank’s The Wealth Report 2025, which recorded an increase from 80,686 HNWIs in the previous year. The report projects that the HNWI population in India will further rise to 93,753 by 2028, reflecting the country’s expanding wealth landscape.
The steady growth of India’s HNWI population highlights the country’s strong economic performance, rising investment opportunities, and the evolution of its luxury market, positioning India as a key contributor to global wealth creation.
India’s billionaire population also saw a notable increase in 2024. “India is now home to 191 billionaires, of which 26 joined the ranks in just the last year, which was pegged at just 7 in 2019,” the consultant said.
The collective wealth of Indian billionaires is estimated at USD 950 billion, ranking India third globally, following the US (USD 5.7 trillion) and Mainland China (USD 1.34 trillion).
“India’s growing wealth underscores its economic resilience and long-term growth potential. The country is witnessing an unprecedented rise in high-net-worth individuals, driven by entrepreneurial dynamism, global integration, and emerging industries,” said Shishir Baijal, Chairman & Managing Director, Knight Frank India.
This growth is also reflected in the diverse investment strategies of India’s wealthy, who are expanding their portfolios across real estate, global equities, and other asset classes, he added.
(With inputs from PTI)