Mumbai, March 5 : The number of India’s high net-worth individuals (HNWIs), with assets exceeding $10 million, is expected to increase by 9.4 per cent from an estimated 85,698 in 2024 to 93,753 by 2028, reflecting the country’s expanding wealth landscape, according to Knight Frank’s The Wealth Report 2025 released on Wednesday.
In 2024, the number of Indian HNWIs increased by 6 per cent year-on-year to 85,698 from 80,686 in 2023. India is home to 3.7 per cent of the wealthy individuals globally and currently stands in the 4th position after the US (905,413 HNWIs), China (471,634 HNWIs), and Japan (122,119 HNWIs).
The country’s billionaire population has also seen a strong year-on-year growth of 12 per cent in 2024 over the previous year. India is now home to 191 billionaires of which 26 joined the ranks in just the last year which was pegged at just 7 in 2019. The combined wealth of Indian billionaires is estimated at US$ 950 billion, ranking the country third globally, behind the US (US$5.7 trillion) and Mainland China ($1.34 trillion), according to the report.
The number of HNWIs globally rose by 4.4 per cent year-on-year in 2024 to 2,341,378 from 2,243,300 a year earlier. While North America leads in HNWI numbers this year, growth was recorded across all world regions. Asia saw the second-highest increase at 5 per cent, followed by Africa at 4.7 per cent, Australasia at 3.9 per cent, the Middle East at 2.7 per cent, Latin America at 1.5 per cent, and Europe at 1.4 per cent YoY growth. At the $10+ million level, the US is home to almost 39 per cent of all wealthy individuals globally, nearly twice the level of China.
The report notes that the billionaire landscape is now more global, with new hubs emerging outside the traditional powerhouses. Manufacturing has produced more new billionaires than tech over the past 10 years. Half are in China, reflecting the nation’s industrial strength. Despite recent challenges, China also leads in the creation of new tech billionaires over the same period. The age gap between new billionaires and the overall list has widened from two years in 2014 to six today, peaking at nine years in 2020 amid an IPO boom. Tomorrow’s billionaires may skew younger. Similarly in 2024, over 82 per cent of new billionaires were male, down from 90 per cent four years ago. Of the billionaires under 30, nearly 47 per cent were female last year, potentially pointing the way to a more balanced future.
Knight Frank India Chairman & Managing Director Shishir Baijal said: “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.”
Knight Frank’s global head of research Liam Bailey said: “While the global economy slowed through 2024, the resilience of the US helped prop up investor confidence. The trends powering wealth creation, including growth in financial markets led by equity markets and the bitcoin run, continued through 2024. And despite geopolitical tensions, resilient global trade further contributed to growth.” (IANS)