Daijiworld Media Network - Mumbai
Mumbai, Mar 5: India’s high net-worth individual (HNWI) population, comprising those with assets exceeding $10 million, is projected to rise by 9.4% over the next four years, reaching 93,753 by 2028 from an estimated 85,698 in 2024, according to Knight Frank’s Wealth Report 2025 released on Wednesday.
In 2024, India’s HNWI count grew by 6% year-on-year, rising from 80,686 in 2023 to 85,698, reinforcing the country’s status as a major global wealth hub. Currently, India accounts for 3.7% of the world’s wealthy individuals, ranking fourth globally after the United States (905,413 HNWIs), China (471,634 HNWIs), and Japan (122,119 HNWIs).
Billionaire Boom: India Ranks Third Globally
India’s billionaire population has also seen an impressive 12% annual growth in 2024, with 191 billionaires now calling the country home. Notably, 26 new billionaires emerged in the past year alone, a significant increase compared to just seven in 2019.
The collective wealth of Indian billionaires now stands at an estimated $950 billion, placing India third globally behind the United States ($5.7 trillion) and China ($1.34 trillion).
Global Wealth Trends: India’s Role in a Changing Landscape
Worldwide, HNWI numbers increased by 4.4% in 2024, reaching 2,341,378 from 2,243,300 a year earlier. North America continues to lead in wealth accumulation, while Asia recorded the second-highest growth at 5%, followed by Africa (4.7%), Australasia (3.9%), the Middle East (2.7%), Latin America (1.5%), and Europe (1.4%).
The United States remains home to nearly 39% of all individuals with assets over $10 million, almost double China’s share.
The report also highlights a global shift in billionaire demographics. Manufacturing has surpassed technology as the primary wealth generator over the past decade, with half of the newly minted billionaires emerging from China, underscoring the country’s industrial dominance. Despite economic challenges, China continues to lead in the creation of tech billionaires.
Interestingly, the age gap between new billionaires and the overall billionaire population has widened—from a two-year difference in 2014 to six years today, peaking at nine years in 2020 during the IPO boom. This indicates that future billionaires may be significantly younger.
In terms of gender diversity, 82% of new billionaires in 2024 were male, marking an improvement from 90% four years ago. Notably, among billionaires under 30, nearly 47% were female, pointing toward a more balanced future in global wealth distribution.
Experts Weigh In on India’s Wealth Surge
Shishir Baijal, Chairman & Managing Director of Knight Frank India, emphasized India’s economic resilience and long-term potential, attributing the surge in wealthy individuals to entrepreneurial growth, increasing global integration, and the rise of emerging industries.
Knight Frank’s Global Head of Research, Liam Bailey, noted that despite a slowdown in the global economy, US economic resilience helped sustain investor confidence. Factors such as strong financial markets, an equity market boom, and a bullish Bitcoin run continued to fuel wealth creation in 2024. Additionally, resilient global trade helped offset the impact of geopolitical tensions.
India’s rapid expansion in the ultra-wealthy segment reaffirms its position as a key player in the global wealth landscape, with a trajectory poised for even greater growth in the coming years.