New Delhi: The number of high-net-worth individuals (HNWI) in India rose by 6% in 2024 and is expected to continue growing, the Knight Frank Wealth Report 2025 has revealed. The report has come days after an Indus Valley report pointed out that more than 1 billion Indians are living at Sub-Saharan levels.
According to the Knight Frank Wealth report, Indians with assets exceeding $10 million increased from 80,68 to 85,698 last year and are expected to rise to 93,753 by 2028. The number of billionaires also increased in the country, with 26 new entries in 2024 alone.
This report said that the rise highlights the country’s strong long-term economic growth, increasing investment opportunities, and evolving luxury market, positioning India as a key player in global wealth creation. However, this is not the full picture.
The Indus Valley report divides India into three categories – India 1, representing the top 10% of the population that mirrors the economic prosperity of Mexico; India 2, which mirrors Indonesia and represents the middle segment; and India 3 which lives in abject poverty and mirrors Sub-Saharan Africa.
This report indicates that economic prosperity and wealth creation is limited to a very small segment of the Indian population, where the bulk of the population in the third segment, or India 3, lack any kind of job security or health benefits.
Also read: There Are Three Indias – And They Are Growing Apart Every Second
Rise in Indian billionaires
The Knight Frank Wealth report said that the number of billionaires in India stood at 191 in 2024. An increase of 2628.57% from just 7 billionaires in 2019.
“India is home to 3.7% of the wealthy individuals globally and currently stands in 4th position after the US with 905,413 HNWIs, China with 471,634 HNWIs and Japan with 122,119 HNWIs,” the report said.
In terms of the combined wealth of Indian billionaires at $950 billion, India ranks just below the US ($5.7 trillion) and Mainland China ($1.34 trillion).
The Indus Valley report has pointed out that if the different economic segments were to be ranked as separate countries then India 1, with a population of 140 million people, would be at number 10 globally in population size with a per capita income of $15,000. This would place it at the 63rd position in per capita income of nations, while the rest of India would be ranked at 140.
