India adds over 33,000 millionaires in a year: How the rich allocate money

High-net-worth individuals now allocate 15% of their portfolios to alternative investments, including cryptocurrencies

India witnessed a significant wealth boom in 2024, adding more than 33,000 new millionaires in a single year, according to the World Wealth Report 2025 by Capgemini Research Institute. The number of High-Net-Worth Individuals (HNWIs) in India rose by 5.6%, bringing the total to 378,810, up from around 345,000 in 2023.

 

This surge comes alongside an 8.8% rise in total HNWI wealth, now pegged at $1.5 trillion, marking India as one of the fastest-growing wealth hubs globally—outpacing major economies including China.

 

Who Are These Millionaires?

Most of India’s new millionaires fall under the category of “Millionaires Next Door”—individuals with investable assets between $1 million and $5 million. India had 333,340 such individuals by the end of 2024, controlling $628.93 billion in wealth.

 

On the ultra-wealthy end, India is now home to 4,290 Ultra HNWIs, defined as those with over $30 million in investable assets. Their collective wealth reached $534.77 billion in 2024.

 

What’s Driving This Growth?

Equity Market Surge: India’s Sensex rose 8.2% in 2024, pushing portfolio values higher for wealthy investors.

 

Domestic Consumption & Entrepreneurship: Rapid digitisation, booming startup culture, and sectoral diversification—especially in tech, fintech, and infrastructure—fueled individual wealth creation.

 

Inheritance Wave: As much as 50% of Indian HNWIs are expected to inherit wealth by 2030, with that number growing to 93% by 2040, per the report.

 

The Capgemini Research Institute’s World Wealth Report 2025, also revealed that the global high-net-worth individuals  (HNWIs) population rose by 2.6% in 2024. This increase was driven by the growth in the population of ultra-high-net-worth individuals (UHNWIs), which grew by 6.2%, as strong stock markets and AI optimism boosted portfolio returns. The data indicates that alternative investments , such as private equity and cryptocurrencies, are now an established presence in HNWI holdings, representing 15% of their portfolios. 

 

• Bullish stock market performance in the US fuels wealth increase
• A favorable interest rate environment and strong U.S. equity market returns helped boost wealth creation in 2024.
• North America saw the biggest gains, with the HNWI population rising by 7.3%.
• In contrast, Europe, Latin America and the Middle East saw declines in their HNWI populations, as macroeconomic challenges weighed. 

 

At the end of 2024, according to Capgemini’s research: 

• Europe’s HNWI population declined 2.1% due to economic stagnation in major countries, with United Kingdom, France and Germany losing 14,000, 21,000 and 41,000 millionaires, respectively. In contrast, Europe’s UHNWI population rose 3.5%, reflecting increased wealth concentration. 
• Asia-Pacific’s HNWI population increased 2.7%, with notable variability across the region.
• Latin America’s HNWI population declined 8.5%, due to currency depreciation and fiscal instability. Brazil (-13.3%) and Mexico (-13.5%) witnessed the biggest population declines.
• The Middle East’s HNWI population declined 2.1%, driven by lower oil prices.
• Within the largest individual markets, the U.S. was the clear leader, adding 562,000 millionaires as the country’s HNWI population grew by 7.6% to 7.9 million. India and Japan were standouts in the Asia-Pacific region, with both countries registering 5.6% growth, adding 20,000 and 210,000 millionaires, respectively. In contrast, growth in China was negative, with HNWI population declining by 1.0%. 

 

Here are some key findings of the report: 

APAC high-net-worth individual (HNWI) wealth and population show sustained growth

• India saw an 8.8% rise in HNWI wealth and a 5.6% growth in population, outpacing global peers including China.
• Market indicators including India’s Sensex (up 8.2%) registered equity market gains.

 

Total HNWI Wealth and Population

•  India had 378,810 millionaires at the end of 2024 with a total wealth of $1.5 trillion.
• Japan had 3989820 millionaires at the end of 2024 with a total wealth of $9.9 trillion.
• China had 1502460 millionaires at the end of 2024 with a total wealth of $7.9 trillion.

 

• India had 4290 ultra HNWIs at the end of 2024 with a wealth of $534.77 billion. 
• China had 22780 ultra HNWIs at the end of 2024 with a wealth of $3.6 trillion.
• Japan had 13620 ultra HNWIs at the end of 2024 with a wealth of $1.01 trillion. 

 

% of the surveyed Indian HNWIs inheriting wealth cumulatively as per HNWI survey, n=6,472 

 50% by 2030

77% by 2035

93% by 2040

 

 If you’re planning your family’s financial future, consider this: 50% of Indian HNWIs will inherit their wealth by 2030, with that number climbing to 93% by 2040.

 

This makes inheritance and estate planning critical. Financial advisors are seeing more interest in offshore investments, trust structures, and tax planning, especially among Gen X and Gen Z heirs.

 

India’s Next-Gen Rich want more than just money

India’s next-gen millionaires are digitally native and globally focused—and they’re reshaping wealth management (WM):

 

85% of Indian next-gen HNWIs plan to switch their parents’ WM firms within the next 1–2 years.

51% cite missing services on their preferred platforms, and 41% complain about poor digital tools.

 

In short: Gen Z and millennial millionaires want customized, tech-first wealth solutions—and they’re willing to move firms or follow trusted relationship managers (67% would switch firms with them).

 

Offshore investments are no longer just about tax

98% of India’s next-gen HNWIs plan to boost offshore assets by 2030.

 

Why? Better investment choices (55%), stronger advisory services (65%), and more stable markets and regulations abroad (49%).

 

Even younger families are exploring global real estate, tech startups, and ESG-aligned funds as diversification tools—not just tax havens.

  "As of January 2025, HNWI investors parked 15% of their portfolios in alternative investments, including private equity and cryptocurrencies. They are willing to take more risks to expand their wealth – allocating capital to higher growth asset classes and niche product offerings, notably by 61% of millennial and Gen Z HNWIs," said the report.

 

How India’s Rich Allocate Their Money Today 

Asset Allocation as of January 2025