India’s Ultra-Rich Population Set to Surge by 9.4% by 2028: Knight Frank Report

“India’s Wealth Boom: More Millionaires, More Influence”

New Delhi, March 5: India’s high-net-worth individuals (HNWIs)—those with assets exceeding USD 10 million—are projected to grow by 9.4% by 2028, according to Knight Frank’s Wealth Report 2025. The report highlights India’s strong economic resilience, rising investment opportunities, and expanding luxury market, reinforcing its position as a global wealth hub.

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India’s Ultra-Rich on the Rise

📈 HNWIs in India (2024): 85,698 (6% YoY increase from 80,686 in 2023)
📈 Projected HNWIs in 2028: 93,753
📈 India’s Global Rank: 4th, after the US, China, and Japan

According to the report, India accounts for 3.7% of the world’s ultra-rich population, trailing behind:
🏆 United States – 905,413 HNWIs
🥈 China – 471,634 HNWIs
🥉 Japan – 122,119 HNWIs

Globally, the ultra-rich population grew by 4.4% in 2024, reaching 2,341,378 individuals, with North America leading the way.

🌍 Regional HNWI Growth Rates (2024):
✔ North America – Leading the global count
✔ Asia – 5% increase (second-highest)
✔ Africa – 4.7% increase
✔ Australasia – 3.9% increase
✔ Middle East – 2.7% increase
✔ Latin America – 1.5% increase
✔ Europe – 1.4% increase

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India’s Billionaire Boom

🔹 Total Billionaires in India (2024): 191
🔹 New Billionaires Added in 2024: 26 (compared to just 7 in 2019)
🔹 Total Wealth of Indian Billionaires: USD 950 billion

India ranks third globally in billionaire wealth, behind:
🥇 United States: USD 5.7 trillion
🥈 China: USD 1.34 trillion

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What’s Driving India’s Wealth Surge?

💡 Entrepreneurial Growth: India’s start-up ecosystem and tech innovation are creating new ultra-rich individuals.
🌍 Global Market Integration: Increased foreign investments and trade expansion are driving capital accumulation.
🏗️ Infrastructure & Real Estate Boom: High-net-worth individuals are investing heavily in luxury real estate and premium assets.
🚀 Emerging Sectors: Fintech, AI, healthcare, and renewable energy are fueling India’s economic growth.

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Expert Take: India’s Wealth Trajectory

🗣️ Shishir Baijal, Chairman & MD, Knight Frank India:
“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. In the decade ahead, India’s influence in global wealth creation will only strengthen.”

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India’s Future as a Global Wealth Hub

With steady economic growth, a rising billionaire count, and increasing global influence, India is poised to become one of the world’s wealth powerhouses. Investors, businesses, and policymakers are closely watching how India leverages this momentum to shape the next era of global wealth creation.

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India Wealth Report, High Net Worth Individuals, Ultra-Rich India, Indian Economy, Billionaires in India, Investment Trends, Knight Frank Report, Global Wealth Trends, Economic Growth, Financial News