Number of Indian billionaires touches 191 in 2024, Indian HNWIs rise 6% to 85,698: Knight Frank

The Knight Frank report added that India is now home to 191 billionaires, of which 26 joined the ranks in just the last year, which was pegged at just 7 in 2019

Published on: Mar 5, 2025, 14:44:15 IST

By Souptik Datta

Prefer HTon Google

Share via

Copy link

The number of Indian high-net-worth individuals (HNWIs), those having assets of more than $10 million, rose 6% last year to 85,698 from 80,686 in 2023, according to Knight Frank Wealth Report 2025.

The Indian HNWI population is expected to rise to 93,753 by 2028, reflecting India’s expanding wealth landscape.

This report added 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.

The number of HNWIs globally rose by 4.4% YoY in 2024 to 2,341,378 from 2,243,300 a year earlier.

While North America leads in HNWI numbers this year, Asia saw the second highest increase at 5%, followed by Africa at 4.7%. Australasia at 3.9%. The Middle East witnessed a 2.7% growth, Latin America at 1.5% and Europe at 1.4% YoY growth.

Also Read: Here's why high-net-worth individuals may be selling their properties in Mumbai’s real estate market

India is home to 191 billionaires

The report added that India is now home to 191 billionaires, of which 26 joined the ranks in just the last year, which was pegged at just 7 in 2019.

The country’s billionaire population has seen a strong annual growth of 12% in 2024 over the previous year.

"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," it said.

The combined wealth of Indian billionaires is estimated at $950 billion, ranking the country third globally, behind the US ($5.7 trillion) and Mainland China ($1.34 trillion).

Also Read: Real estate market trends: Are luxury housing sales sustainable in the long run?

"India's growing wealth underscores its economic resilience and long-term growth potential. The country is witnessing an unprecedented rise in high-net-worth individuals, driven by entrepreneurial dynamism, global integration, and emerging industries," Shishir Baijal, Chairman & Managing Director, Knight Frank India, said.

This expansion is not just in scale but also in the evolving investment preferences of India's elite, who are diversifying across asset classes, from real estate to global equities.

In the decade ahead, India's influence in global wealth creation will only strengthen, he added.

ABOUT THE AUTHOR
Souptik Datta
Souptik Datta is a deputy chief content producer at Hindustan Times Digital, where he reports on southern India with a focus on real estate, urban infrastructure and environmental urban issues. His coverage tracks the intersection of policy, capital flows, regulation and sustainability, examining how these forces shape housing markets, commercial real estate and large-scale infrastructure development across rapidly transforming cities. He also closely tracks civic issues affecting urban residents, including property taxation, planning approvals, public transport expansion, water stress, waste management and the governance challenges that influence everyday life in India’s metros. Souptik’s reporting is driven by a strong interest in accountability, consumer rights and the lived realities of homebuyers and investors navigating volatile pricing cycles, regulatory changes and project delivery risks. He frequently analyses project launches, land monetisation strategies, planning frameworks, RERA-related developments and the broader implications of infrastructure investments on emerging growth corridors. His work blends on-ground reporting with data-backed analysis and long-form explainers aimed at demystifying complex real estate and infrastructure developments for readers. He is an alumnus of the Indian Institute of Journalism and New Media. Before joining Hindustan Times Digital, Souptik was associated with Moneycontrol at Network 18, where he covered real estate, infrastructure and allied sectors, producing market insights, policy-led stories and in-depth features. Outside the newsroom, Souptik is an avid solo traveller and documentary enthusiast, exploring diverse regions and visually documenting unique narratives through film and photography. In his early career, Souptik also freelanced as a documentary photographer, independently working on visual storytelling projects that captured grassroots narratives, urban change and everyday life. He can be reached at souptik.datta@htdigital.in.Read More

Real Estate News

Stay updated with the latest Real Estate News, property prices, housing trends and major projects. Explore market updates, investment insights and property developments across India.