India ranks 4th globally with 85,698 super rich, behind US, China and Japan

With 85,698 HNWIs and 191 billionaires, India is positioning itself as a key player in the global wealth landscape.

India has emerged as a leading global wealth hub, with a current population of 85,698 High Net-Worth Individuals (HNWIs), placing it fourth globally, behind only the US, China, and Japan, according to the latest Global Wealth report by property consulting firm Knight Frank. 

 

According to the latest wealth report, the number of HNWIs—defined as individuals with at least US$1 million in investable assets—rose by 4.4% globally in 2024, reaching over 2.3 million people. Notably, the population of ultra-high-net-worth individuals (UHNWIs), those with assets exceeding US$100 million, surpassed 100,000 for the first time, reflecting a broader trend of growing wealth across the world. 

Source: THE WEALTH REPORT by Knight Frank

 

 

James Pomeroy, global economist at HSBC, attributed much of this wealth growth to a combination of low-interest rates and attractive returns on risk assets like equities. He noted, “Rates coming down has clearly played a role in supporting risk asset prices. You could also park capital in cash at the beginning of last year and get 5% in most parts of the world. That plays a huge role in keeping wealth growing for people who have been able to accumulate it historically.”

 

America continues to dominate as the world's primary wealth creator, with nearly 40% of global HNWIs residing in the US, a figure far surpassing China, which holds 20%, and Japan, which accounts for just over 5%. Despite this dominance, India has seen impressive growth, with its HNWI population expanding rapidly due to the country's economic dynamism and rising risk appetite, particularly in emerging markets.

 

In 2024, the US led the world with a 5.2% increase in its population of HNWIs. Asia closely followed, growing at a rate of 5%, while Africa saw a 4.7% rise, albeit from a smaller base. Meanwhile, the Australasia region's HNWI population grew by 3.9%, bolstered by its strategic connections to both the Asian and North American markets.

 

India's remarkable progress is attributed to its thriving startup ecosystem, which has been fueled by widespread smartphone access and a growing culture of entrepreneurship. Pomeroy explains, "This has created a start-up culture that’s been a big part of the growth story in places like India and the Philippines. These entrepreneurs can then become super-wealthy, leading to a new era of high-tech enterprises, which is transforming Asia’s economic landscape."

 

Billionaires on the rise

India's wealth surge is also evident in its rapidly expanding billionaire population. In the past year alone, India saw a 12% increase in its number of billionaires, bringing the total to 191. Notably, 26 of these billionaires were created in the last year, up from just seven in 2019. This explosive growth has helped India secure its place as a rising wealth hub, alongside other emerging economies like France, Brazil, and Russia, which have also experienced significant gains in billionaire numbers.

 

The global landscape of billionaires is becoming more diverse, with new wealth centers emerging beyond traditional strongholds. This shift is indicative of a broader trend where wealth creation is no longer confined to the United States and Europe, with Asia and other regions playing a larger role in shaping the future of global wealth.

 

The surge in Indian HNWIs is largely driven by the country's entrepreneurial spirit

The rise of tech-driven businesses, supported by accessible digital tools, has created an environment ripe for innovation and wealth creation. India’s rapidly growing entrepreneurial class is a key component of this new wealth generation model.

 

"India’s growing startup culture is a major contributor to the wealth expansion, as more and more entrepreneurs leverage technology to scale their businesses internationally," said Pomeroy. "This new breed of high-tech entrepreneurs is helping shift Asia's economic focus from traditional manufacturing to cutting-edge enterprises."