India now ranks 4th globally for high net worth individuals, with over 85,000 millionaires, 191 billionaires, and a projected 43% rise in wealthy population by 2028.
India has become the 4th-largest home for high net worth individuals, or HNWIs, according to the Knight Frank Global Wealth Report 2025.
India’s Super-Rich Club Grows
With a total of 85,698 individuals possessing wealth exceeding $10 million, India now follows only the United States, China, and Japan in this global ranking.
Accounting for 3.7% of the global HNWI population, India’s position reflects significant wealth creation driven by a blend of economic growth, entrepreneurship, and increasing access to capital.
Strong Economic Momentum Fuelling Wealth Growth
The report credits India’s expanding economy and thriving start-up culture as key forces behind the rising number of wealthy individuals. The broader availability of digital financial tools and smartphone penetration has also enabled greater participation in wealth-generating activities across urban and semi-urban regions.
Entrepreneurship is particularly flourishing across sectors like technology, consumer goods, renewable energy, and financial services, contributing to individual and family wealth accumulation.
Surge in Billionaire Population and Global Standing
India’s billionaire count rose sharply by 12% in the past year alone, bringing the total number to 191. This increase includes the addition of 26 new billionaires, a significant jump compared to the 7 added in 2019. Collectively, Indian billionaires now control a combined wealth of approximately $0.95 trillion, placing the country ahead of France, Germany, and the United Kingdom in billionaire wealth.
Although still trailing the United States and China, the pace of growth in India’s ultra-wealthy segment remains among the highest globally.
Real Estate Remains a Key Asset for India’s Wealthy
Real estate continues to be a primary choice for asset preservation and growth among India’s HNWIs. Globally, almost 30% of billionaire wealth is allocated to real estate, a trend especially visible in India, where property ownership often symbolises status, legacy, and long-term security.
There is also a noticeable shift among wealthy Indians toward acquiring international properties, with popular investment destinations including Dubai, London, and Singapore.
Investment Preferences Shifting Towards Equities
The report indicates a growing appetite among Indian high-net-worth individuals for equities and higher-risk assets. This contrasts with traditionally conservative investment approaches seen in regions like Europe and Japan.
With India’s financial markets maturing and access to capital markets widening, many wealthy investors are diversifying their portfolios through domestic and international equity exposure.
Projected 43% Increase in HNWI Population by 2028
The Knight Frank report forecasts that India’s HNWI population will grow by 43% over the next four years. By 2028, the number of individuals with net assets above $10 million is expected to reach 1,22,119. This projected growth rate is among the fastest in the world, signalling continued momentum in wealth creation.
Such expansion reflects not only the performance of traditional sectors but also the rise of digital businesses and cross-border investments that are reshaping wealth trajectories.
Digital Infrastructure Enabling Inclusive Wealth Generation
India’s robust digital ecosystem, especially the widespread use of smartphones and digital banking platforms, has played a critical role in expanding wealth access. From seamless transactions to real-time investments, the digital revolution has democratised financial participation, particularly for first-generation entrepreneurs.
With initiatives promoting financial literacy and digital inclusion, more Indians are gaining the tools to build and grow wealth effectively.
Conclusion
India’s rapid rise as the 4th largest centre for high-net-worth individuals signals a major transformation in its economic landscape. With strong growth in both millionaires and billionaires, driven by digital infrastructure, entrepreneurial energy, and evolving investment habits, India is cementing its position as a global wealth powerhouse. The years ahead are likely to see even greater acceleration in personal wealth across diverse segments of the population.
