India has secured the fourth spot globally in terms of high-net-worth individuals (HNWIs), boasting 85,698 individuals with investable assets exceeding $1 million, as per the latest Knight Frank Global Wealth Report. The United States, China, and Japan continue to dominate the list with the highest number of wealthy individuals. Meanwhile, the ultra-high-net-worth individual (UHNWI) category—those with assets surpassing $100 million—has now crossed the 100,000 mark worldwide for the first time.
The surge in India’s wealthy population is primarily driven by rapid economic expansion, a growing appetite for investment risk, and a flourishing startup landscape. The increasing accessibility to digital resources, coupled with a strong culture of entrepreneurship, has significantly contributed to this upward trend.
In 2024 alone, India added 26 new billionaires, raising the total count to 191—marking a 12% increase compared to the previous year. This growth is particularly striking, given that only seven new billionaires emerged in 2019. On a global scale, the United States remains the undisputed leader in wealth, accounting for nearly 40% of all HNWIs, followed by China at 20% and Japan at 5%.
Experts attribute the worldwide rise in wealth to factors such as lower interest rates, robust equity markets, and lucrative returns on risk assets. As India continues to strengthen its tech-driven industries and expand its high-net-worth community, the country is emerging as a key player in the global wealth landscape, alongside nations like France, Brazil, and Russia.
