Mumbai, March 5
The number of India’s high net-worth individuals (HNWIs), with assets exceeding $10 million, is expected to increase by 9.4 per cent from an estimated 85,698 in 2024 to 93,753 by 2028, reflecting the country’s expanding wealth landscape, according to Knight Frank’s The Wealth Report 2025 released on Wednesday.
In 2024, the number of Indian HNWIs increased by 6 per cent year-on-year to 85,698 from 80,686 in 2023. India is home to 3.7 per cent of the wealthy individuals globally and currently stands in the 4th position after the US (905,413 HNWIs), China (471,634 HNWIs), and Japan (122,119 HNWIs).
The country’s billionaire population has also seen a strong year-on-year growth of 12 per cent in 2024 over the previous year. India is now home to 191 billionaires of which 26 joined the ranks in just the last year which was pegged at just 7 in 2019. The combined wealth of Indian billionaires is estimated at US$ 950 billion, ranking the country third globally, behind the US (US$5.7 trillion) and Mainland China ($1.34 trillion), according to the report.