India home to 85,698 high-net-worth individuals, 191 billionaires in 2024: Report
India currently accounts for 3.7 percent of the world’s wealthy individuals and ranks fourth globally, following the United States, China and Japan.;
The report also projects that this figure will rise to 93,753 by 2028.
Photo: PTI
New Delhi, Mar 6: The number of high-net-worth individuals (HNWIs) in India, having assets of more than USD 10 million, grew by 6 percent last year, reaching 85,698, while the number of billionaires rose to 191, driven by wealth creation, according to property consultant Knight Frank.
On Wednesday, Knight Frank released The Wealth Report 2025, estimating India's HNWI population at 85,698 in 2024, up from 80,686 in the previous year. The report also projects that this figure will rise to 93,753 by 2028, reflecting the country's expanding wealth landscape.
The steady increase in India's HNWI population underscores the nation’s strong economic growth, rising investment opportunities, and evolving luxury market, solidifying its position as a key player in global wealth creation.
India currently accounts for 3.7 percent of the world’s wealthy individuals and ranks fourth globally, following the United States (905,413 HNWIs), China (471,634 HNWIs), and Japan (122,119 HNWIs).
Further, Knight Frank stated that India's billionaire population has also seen a strong year-on-year growth 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 combined wealth of Indian billionaires is estimated at USD 950 billion, ranking the country third globally, behind the US (USD 5.7 trillion) and 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," Shishir Baijal, Chairman & Managing Director of Knight Frank India, said.
This expansion is not just in scale but also in the evolving investment preferences of India's elite, who are diversifying across asset classes, from real estate to global equities, he added.
"In the decade ahead, India's influence in global wealth creation will only strengthen," Baijal said.
With inputs from news agency
