India’s high-net-worth individuals population (HNWI) estimated at 85,698 in 2024 is expected to rise to 93,753 by 2028, reflecting the country’s expanding wealth landscape, predicts Knight Frank.
Knight Frank’s Wealth Report 2025 forecasts an increase of 9.4% in India’s HNWIs — those with assets exceeding $ 10 million.
According to the report, this rise highlights the country’s strong long-term economic growth, increasing investment opportunities, and evolving luxury market, positioning India as a key player in global wealth creation.
In 2024, the number of Indian HNWIs increased by 6% year-on-year (YoY) to 85,698 from 80,686 in 2023. India is home to 3.7% of the wealthy individuals globally and currently stands at 4th position after the US (905,413 HNWIs), China (471,634 HNWIs) and Japan (122,119 HNWIs).
Globally, the number of HNWIs rose by 4.4% YoY in 2024 to 2,341,378 from 2,243,300 a year earlier. While North America led in HNWI numbers this year, Asia saw the second highest increase at 5%, followed by Africa at 4.7%. Australasia at 3.9%, the Middle East at 2.7%, Latin America at 1.5% and Europe at 1.4% YoY growth.
Knight Frank also found that the country’s billionaire population has seen a YoY growth of 12% in 2024 over the previous year. The country now has 191 billionaires of which 26 joined the ranks in just the last year. The combined wealth of Indian billionaires is estimated at $950 billion, ranking the country third globally, behind the U.S. ($5.7 trillion) and Mainland China ($1.34 trillion).
Shishir Baijal, Chairman & Managing Director, Knight Frank India, said: “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.’‘
Published – March 05, 2025 10:20 pm IST
