India to have 313 billionaires, 25,217 ultra-rich individuals by 2031, says Knight Frank

India is projected to be home to 313 billionaires and 25,217 ultra-high-net-worth individuals (UHNWIs) by 2031, led by strong wealth creation across sectors such as industrials, technology, and capital markets, according to a report by Knight Frank India. 

“India's UHNWI population is forecast to rise from 19,877 today to 25,217 by 2031, underscoring its growing role in the global wealth landscape. This reflects extraordinary wealth creation across technology, industrials and capital markets,” the property consultancy firm said in its 20th edition of The Wealth Report 2026 on Thursday. 

Who are ultra-high net worth individuals? 

According to industry standards, ultra-high net worth individuals are those with a net worth of $30 million or more.  

The report says that at present, there are 19,877 UHNWIs and 207 billionaires in India. 

It noted that there is a “dramatic acceleration” in global wealth creation despite significant geopolitical uncertainty, rising interest rate concerns, and uneven economic performance. 

India accounts for the 6th-largest UHNWI population globally 

The report mentioned that India now accounts for the sixth-largest UHNWI population globally. Among Indian cities, Mumbai holds the top spot with a 35.4% share of the UHNWI population in India, followed by Delhi, Bengaluru, Hyderabad, and Chennai. 

Globally, the UHNWI population has increased to 713,626 from 551,435 in 2021. 

Billionaire count rose 58% in the last 5 years 

Knight Frank said India’s billionaire count surged 58% over the past five years to reach 207 in 2026, ranking the country third globally behind the US (914) and China (485). 

It added that the number of billionaires in India is expected to grow by 51%, rising from 207 in early 2026 to 313 by 2031. 

“The expansion of India's wealth club mirrors its economic evolution as it becomes a more entrepreneurial economy maturing into one with deeper capital pools, more sophisticated financial markets and a growing cohort of globally connected founders and investors,” Shishir Baijal, International Partner, Chairman & Managing Director, Knight Frank India, said. Digitalisation, listed equities, private capital and family-owned businesses all play a role, he added.