New Delhi: A report by global consultancy firm Knight Frank indicates that the number of high-net-worth individuals (HNWIs) in India is expected to grow by 9.4 percent by 2028. HNWIs are defined as individuals possessing assets exceeding USD 10 million.
In its flagship publication, The Wealth Report 2025, Knight Frank projects that the count of ultra-wealthy Indians will reach 85,698 in 2024, with an anticipated increase to 93,753 by 2028. This growth underscores India's robust long-term economic development, expanding investment prospects, and a dynamic luxury market, establishing the country as a significant contributor to global wealth generation.
In 2024, the number of Indian HNWIs rose by 6 percent year-on-year, climbing from 80,686 in 2023 to 85,698. The report highlights that India is home to 3.7 percent of the world's wealthy individuals, ranking fourth globally, following the United States (905,413 HNWIs), China (471,634 HNWIs), and Japan (122,119 HNWIs).
Globally, the ultra-rich population increased by 4.4 percent in 2024, reaching 2,341,378, up from 2,243,300 the previous year. While North America leads in total numbers, growth has been observed across all regions. Asia experienced the second-highest growth rate at 5 percent, followed by Africa at 4.7 percent, Australasia at 3.9 percent, the Middle East at 2.7 percent, Latin America at 1.5 percent, and Europe at 1.4 percent.
The United States accounts for nearly 39 percent of the world's affluent individuals, which is almost double that of China.
India currently boasts 191 billionaires, with 26 of them having joined this elite group in the past year alone, a significant increase from just 7 in 2019.
The total wealth of Indian billionaires is estimated to be around USD 950 billion, placing India in third position globally, following the United States (USD 5.7 trillion) and Mainland China (USD 1.34 trillion).
Shishir Baijal, Chairman and Managing Director of Knight Frank India, remarked, "The increasing wealth in India highlights its economic resilience and potential for long-term growth. The nation is experiencing an extraordinary surge in high-net-worth individuals, fueled by entrepreneurial spirit, global integration, and the rise of new industries."
Baijal further stated, "In the coming decade, India's role in global wealth generation is expected to become even more prominent."
