India has solidified its position as a leading global wealth hub, ranking fourth worldwide in the number of High Net-Worth Individuals (HNWIs), according to the latest Global Wealth Report by property consultancy Knight Frank. The country now boasts a population of 85,698 HNWIs, trailing only behind the United States, China, and Japan.
The report highlights a 4.4% global increase in the number of HNWIs—defined as individuals with at least $1 million in investable assets—bringing the total to over 2.3 million in 2024. Meanwhile, the population of ultra-high-net-worth individuals (UHNWIs), those with assets exceeding $100 million, crossed the 100,000 mark for the first time, underscoring a broader trend of rising global wealth.
US Leads Global Wealth, India Sees Rapid Growth
Despite India’s remarkable rise, the US remains the world’s dominant wealth creator, home to nearly 40% of all HNWIs. China follows with 20%, while Japan accounts for just over 5%.
The report attributes much of the global wealth surge to favorable financial conditions, including declining interest rates and strong returns on risk assets. James Pomeroy, global economist at HSBC, explains, “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.”
In 2024, the US led with a 5.2% rise in its HNWI population, followed by Asia at 5% and Africa at 4.7%. The Australasia region saw a 3.9% increase, benefiting from its economic ties with both Asia and North America.
India’s Thriving Startup Ecosystem Fuels Wealth Creation
India’s economic momentum has been driven by its booming startup sector, widespread smartphone adoption, and a growing entrepreneurial culture. Pomeroy points out, “This has created a startup 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.”
Billionaire Count Surges, India Emerges as a Key Player
India’s billionaire population is expanding at an unprecedented rate. Over the past year, the country recorded a 12% increase in billionaires, bringing the total to 191. Notably, 26 new billionaires emerged in 2024, a sharp rise from just seven in 2019.
This rapid billionaire growth has positioned India among emerging wealth hubs like France, Brazil, and Russia, which have also witnessed significant increases in their ultra-wealthy populations.
Asia’s Economic Shift: From Manufacturing to High-Tech Wealth
India’s rise as a wealth hub is part of a broader transformation in Asia’s economic landscape. The region is shifting away from traditional manufacturing toward technology-driven enterprises. Pomeroy notes, “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. This new breed of high-tech entrepreneurs is helping shift Asia’s economic focus from traditional manufacturing to cutting-edge enterprises.”
As India’s wealth ecosystem continues to expand, experts anticipate sustained growth in the number of high-net-worth individuals and billionaires, reinforcing the country’s position as a major player in the global economy.
