India ranks 4th globally with 85,698 HNWIs; billionaires rise 12% in 2024

India accounts for 3.7% of the world's wealthy individuals, with 85,698 high-net-worth individuals (HNWIs), according to Knight Frank’s The Wealth Report 2025. The country ranks fourth globally in the number of HNWIs, following the US (905,413), China (471,634), and Japan (122,119). The number of Indian HNWIs grew by 6% year-on-year from 80,686 in 2023 to 85,698 in 2024.

The country has seen an increase of 9.4% in the number of India’s high-net-worth individuals (HNWIs) — those with assets exceeding $10 million.

From 85,698, the HNWI population is estimated to rise to 93,753 by 2028, reflecting India’s expanding wealth landscape. The report, which was launched today, highlights the rise to the country’s strong long-term economic growth, increasing investment opportunities, and evolving luxury market, which has positioned India as a key player in global wealth creation.

The country’s billionaire population has seen a strong year-on-year growth of 12% in 2024 over the previous year. 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 combined wealth of Indian billionaires is estimated at US$ 950 billion, ranking the country third globally, behind the U.S. (US$5.7 trn) and Mainland China (US$1.34 trn).

India is home to 3.7% of the wealthy individuals globally and currently stands at 4th position after US (905,413 HNWIs), China (471,634 HNWIs) and Japan (122,119 HNWIs). Shishir Baijal, Chairman & Managing Director, Knight Frank India, said: "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. 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. In the decade ahead, India’s influence in global wealth creation will only strengthen.”

Globally, the number of HNWIs rose by 4.4% YoY in 2024 to 2,341,378 from 2,243,300 a year earlier. While North America leads in HNWI numbers this year, growth was recorded across all world regions. Asia saw the second highest increase at 5%, followed by Africa at 4.7%. Australasia at 3.9%, the Middle East at 2.7%, Latin America at 1.5% and Europe at 1.4% YoY growth. At the US$10+ million level, the US is home to almost 39% of all wealthy individuals globally, nearly twice the level of China.

In 2024, over 82% of new billionaires were male, down from 90% four years ago. "Of the billionaires under 30, nearly 47% were female last year, potentially pointing the way to a more balanced future," the report says.

China leads in new tech billionaires

Despite recent challenges, China also leads in the creation of new tech billionaires over the same period. The report says the billionaire landscape is now more global, with new hubs emerging outside the traditional powerhouses. "Manufacturing has produced more new billionaires than tech over the past 10 years, and half of them are in China, reflecting the nation’s industrial strength."

The age gap between new billionaires and the overall list has widened from two years in 2014 to six today, peaking at nine years in 2020 amid an IPO boom. Tomorrow’s billionaires may skew younger, the report adds.

Liam Bailey, Global Head of Research at Knight Frank said while the global economy slowed through 2024, the resilience of the U.S. helped prop up investor confidence. "The trends powering wealth creation, including growth in financial markets led by equity markets and the bitcoin run, continued through 2024. And despite geopolitical tensions, resilient global trade further contributed to growth.”