India saw a jump in its millionaire population in 2024, as the number of Indian high-net-worth individuals (HNWIs) rose 6 per cent last year to 85,698, the ‘Wealth Report 2025’ by Knight Frank revealed.
The report by the global property consultant showed that India had 80,686 HNWIs in 2023. The survey defines HNWIs as individuals owning assets worth over $10 million. The figure is expected to climb to 93,753 by 2028, indicating an expansion in the wealth landscape in the country.
Contributors To Global Wealth
The study revealed that economic growth remained robust in India, and escalating investment opportunities and developing luxury market helped position the country as a major player in global wealth creation.
The report showed that the combined wealth of Indian billionaires stood at approximately $950 billion, ranking the nation third across the world behind the US ($5.7 trillion) and China ($1.34 trillion).
Globally, India has the fourth highest population of HNWIs, following the US, China, and Japan. The overall HNWIs across the world climbed 4.4 per cent and touched more than 2.3 million people in comparison to the year ago period.
Start-Up Culture Helps Boost Wealth Generation
James Pomeroy, Global Economist, HSBC explained that a boost in accessibility to smartphones in emerging economies helped create ‘a very entrepreneurial population that is able to grow business internationally more quickly than they otherwise would have done’.
“This has created a start-up culture that’s been a big part of the growth story in places like India and the Philippines. These entrepreneurs can then become super wealthy, so we’re seeing a broadening out from that old Asia driven by manufacturing into a new Asia with a high-tech enterprise culture,” the economist said.
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