'India's household wealth soars 14.5% in 2024, fastest growth in 8 years'

Owning securities is key for asset growth but portfolio structures varies widely between countries

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Global household wealth hit new highs in 2024, but India emerged as one of the fastest-growing wealth markets, according to the Allianz Global Wealth Report 2025. The study, covering nearly 60 countries, revealed that financial assets of Indian households rose 14.5% in 2024, the strongest expansion in eight years, underscoring the rising power of India’s middle class.  India Outpaces Emerging Markets

Over the last two decades, India’s real per capita financial assets surged fivefold, placing it among the most impressive wealth trajectories of any emerging economy. Securities led growth last year, jumping 28.7%, while insurance and pensions rose 19.7%. Bank deposits—still the dominant savings vehicle, accounting for 54% of household portfolios—grew at a steady 8.7%.

In real terms, financial assets climbed 9.4% after inflation, lifting purchasing power 40% above pre-pandemic levels. This contrasts sharply with Western Europe, where purchasing power remains 2.4% below 2019. Net financial assets per Indian stood at USD 2,818 per capita in 2024, up 15.6% from the previous year  “India’s expanding middle class continues to reshape global wealth dynamics, contributing significantly to the rise of emerging markets in the global middle wealth segment,” the report noted.

Net financial assets per capita in India advanced 15.6% to USD 2,818, with liabilities rising at a moderate 12.1%, keeping household debt at 41% of GDP.

Global Highlights: US Dominates Wealth Growth

While India recorded rapid gains, the United States accounted for half of global financial asset growth in 2024. Over the past decade, US households have generated 47% of worldwide wealth growth, compared with China’s 20% and Western Europe’s 12%.

“Financial asset growth in the US is simply amazing,” said Ludovic Subran, Chief Economist at Allianz. “In 2024 alone, half of the global increase came from American households. Contrary to popular belief, the US has not been losing ground but driving global wealth expansion.”

Japan and Western Europe, meanwhile, lagged behind the global average, reflecting slower asset growth and limited securities exposure.

Securities Fuel Wealth, but Distribution Remains Unequal

The report highlights that securities ownership is the key driver of household wealth. Globally, securities grew nearly 12% in 2024, double the pace of bank deposits and insurance/pension assets.

But disparities in portfolio structures mean households benefit unevenly. North Americans hold 59% of their portfolios in securities, compared with 35% in Western Europe and just 13% in India.

“You have to work for your money in India,” said Kathrin Stoffel, co-author of the report. “But it’s smarter to let the money work for you — like in the US, where stock market gains drive wealth growth.”

Inequality: Global Stagnation, India’s Widening Gap

On wealth distribution, the report concludes that no progress has been made toward reducing inequality over the last 20 years. Globally, the richest 10% still own about 60% of household wealth, the same level as in 2004.

India, however, tells a different story. Wealth concentration has grown sharply, with the richest 10% holding 65% of household wealth in 2024, up from 58% two decades earlier. The average-to-median wealth ratio also worsened from 2.6 to 3.1.

Yet, India’s extraordinary wealth creation puts these numbers into context: net financial assets per capita are now 13 times higher than in 2004, surpassing even China’s twelvefold increase.

Outlook

With India’s middle class expanding and financial literacy rising, Allianz expects continued strong growth in household wealth, especially as more investors move from traditional savings to securities and pensions.

Globally, the report warns that wealth inequality and uneven portfolio participation could weigh on inclusive growth, even as financial assets scale new highs.  Key highlights:

Global wealth growth: Household financial assets worldwide grew 8.7% in 2024, reaching USD 315.9 trillion, a new record.

India’s strong performance: Indian household financial assets rose 14.5% in 2024, the fastest pace in 8 years.

Drivers of India’s growth:

Securities surged 28.7%

Insurance & pensions grew 19.7%

Bank deposits, still 54% of household assets, rose 8.7%

Purchasing power: Adjusted for inflation, India’s financial assets grew 9.4%, lifting purchasing power 40% above pre-pandemic levels.

Per capita wealth: Net financial assets in India reached USD 2,818 per person, up 15.6% YoY.

 

Global contributors:

USA households generated 50% of global wealth growth in 2024

Over the last decade, USA contributed 47%, China 20%, and Western Europe 12%.

 

Securities as key to growth:

Securities grew 12% globally in 2024, nearly double deposits (5.7%) and pensions/insurance (6.9%).

Securities make up 59% of portfolios in North America, but only 13% in India, limiting gains for Indian savers.

Inequality trends:

No improvement in global wealth inequality over 20 years.

In India, the top 10% now own 65% of wealth (vs 58% in 2004).

Average-to-median wealth ratio rose from 2.6 to 3.1.

 

Long-term trajectory: India’s net financial assets per capita grew 13x over the past two decades, outpacing China’s 12x growth.