India's high net-worth individual (HNWI) population of more than $10 million worth of assets will grow by 9.4% in four years, to reach 93,753 in 2028 from an estimated 85,698 in 2024, a growth indicated by The Wealth Report 2025 by Knight Frank, out on Wednesday.
In 2024, Indian HNWIs increased by 6% year-on-year from 80,686 in 2023 to 85,698. India now represents 3.7% of the global wealthy population and is fourth in the world after the United States (905,413 HNWIs), China (471,634 HNWIs), and Japan (122,119 HNWIs).
Moreover, India's billionaire tally recorded a strong 12% rise in 2024, with the total rising to 191 billionaires—26 of whom have entered the ranks in the past year, from only seven in 2019. The aggregate net worth of Indian billionaires currently stands at about $950 billion, making India the third richest country by billionaire wealth, only behind the US ($5.7 trillion) and Mainland China ($1.34 trillion).
At a global level, the population of HNWI increased by 4.4% during 2024 to 2,341,378 from 2,243,300 in 2023. North America contributed most towards this growth but every region in the world witnessed an increase. Asia had the second-largest rise at 5%, followed by Africa (4.7%), Australasia (3.9%), the Middle East (2.7%), Latin America (1.5%), and Europe (1.4%). For the $10+ million wealth bracket, the United States predominates, and it is home to almost 39% of the world's HNWIs—almost two times China's figure.
The report also notes a change in billionaire demographics. Manufacturing has now become the number one sector for wealth creation during the last ten years, and China has been responsible for creating half of the world's new billionaires in this field. Despite economic challenges, China remains a key driver of new tech billionaires. The gap in age between new billionaires and the old elite has increased from two years in 2014 to six years in 2024, reaching a high of nine years in 2020 during a boom in IPOs. The trend indicates that future billionaires will be younger. Interestingly, 82% of new billionaires in 2024 were men, down from 90% four years earlier. But of billionaires under the age of 30, almost 47% were women last year, meaning there may be a possible swing towards gender balance in wealth generation.
Speaking of India's wealth trend, Knight Frank India Chairman & Managing Director Shishir Baijal said, "India's rising wealth reflects its economic resilience and long-term growth prospects. The nation is experiencing an unprecedented increase in high-net-worth individuals due to entrepreneurial vigor, global interconnectedness, and sunrise industries."
Knight Frank's Global Head of Research, Liam Bailey, further said, "As the global economy decelerated during 2024, the strength of the US served to underpin investor confidence. The drivers of wealth creation, such as expansion in financial markets dominated by equity markets and the bitcoin bubble, persisted during 2024. And even with geopolitical tensions, robust global trade further added to growth."
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