HNIs in India rose 6% to 85,698, billionaires count went up to 191 in 2024: Report

New Delhi, Mar 5 (PTI) Number of Indian high-net-worth individuals (HNWIs), those having assets more than USD 10 million, rose 6 per cent last year to 85,698 while billionaires count increased to 191 due to wealth creation, according to property consultant Knight Frank.

On Wednesday, Knight Frank released its ‘The Wealth Report 2025’, which estimated the HNWI population in India at 85,698 in 2024, against 80,686 in the preceding year.

The number of HNWIs is expected to rise to 93,753 by 2028, reflecting India’s expanding wealth landscape, the consultant forecast.

The increasing trend of the HNWI population 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.

India is home to 3.7 per cent of wealthy individuals globally and currently stands at 4th position after the US (9,05,413 HNWIs), China (4,71,634 HNWIs) and Japan (1,22,119 HNWIs). Further, Knight Frank stated that India’s billionaire population has also seen a strong year-on-year growth in 2024.

“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 consultant said.

The combined wealth of Indian billionaires is estimated at USD 950 billion, ranking the country third globally, behind the US (USD 5.7 trillion) and Mainland China (USD 1.34 trillion).

“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,” Shishir Baijal, Chairman & Managing Director of Knight Frank India, said.

This expansion is not just in scale but also in the evolving investment preferences of India’s elite, who are diversifying across asset classes, from real estate to global equities, he added.

“In the decade ahead, India’s influence in global wealth creation will only strengthen,” Baijal said. PTI

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