India's high-net-worth individual (HNWI) population, comprising those with assets exceeding USD 10 million, grew by 6% in 2024, reaching 85,698, according to the latest findings by global property consultant Knight Frank. 

This represents a strong increase from 80,686 last year, which further cements India's position as an emerging powerhouse in world wealth generation.

The Indian population of HNWIs is forecast to grow to 93,753 by 2028, indicating continued economic momentum, growing investment opportunities, and a booming luxury market, the report said.

India's billionaire population too has grown immensely, mirroring the nation's overall economic resilience.

"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," Knight Frank stated.

India's billionaires' combined wealth is estimated at USD 950 billion, and India ranks the third-largest wealth hub in the world after the United States (USD 5.7 trillion) and Mainland China (USD 1.34 trillion).

Shishir Baijal, Chairman & Managing Director of Knight Frank India, pointed to the major drivers behind this rise in wealth.

"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," Baijal said.

Apart from the absolute growth of numbers, the report also saw a change in investment patterns among India's rich. HNWIs are increasingly diversifying their portfolios, venturing into options beyond conventional streams such as real estate and looking to venture overseas into global equities and other asset classes.

"In the decade ahead, India's influence in global wealth creation will only strengthen," Baijal added.

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