India’s wealth landscape continues to flourish, with the number of high-net-worth individuals (HNWIs)—those with assets exceeding USD 10 million—climbing 6% in 2024 to 85,698, up from 80,686 the previous year, according to Knight Frank’s The Wealth Report 2025. Released on Wednesday by the global property consultancy, the report projects this figure to reach 93,753 by 2028, underscoring India’s emergence as a powerhouse in global wealth creation.

The rise in HNWI numbers reflects India’s robust economic growth, expanding investment opportunities, and a maturing luxury market. Alongside this, the country’s billionaire population has soared, reaching 191 in 2024—an increase of 26 from the prior year. Notably, this figure has grown dramatically from just 7 billionaires in 2019. With a combined wealth of USD 950 billion, India’s billionaires now rank third globally, trailing only the United States (USD 5.7 trillion) and Mainland China (USD 1.34 trillion).

Shishir Baijal, Chairman & Managing Director of Knight Frank India, attributed this surge to India’s economic resilience and entrepreneurial energy. “India is witnessing an unprecedented rise in high-net-worth individuals, driven by entrepreneurial dynamism, global integration, and emerging industries,” he said. Baijal also highlighted the evolving preferences of India’s elite, who are increasingly diversifying their investments across real estate, global equities, and other asset classes.

The report positions India as a key player in the global wealth narrative, with its billionaire and millionaire populations signaling sustained economic momentum. “In the decade ahead, India’s influence in global wealth creation will only strengthen,” Baijal added, pointing to the country’s long-term growth potential and its ability to adapt to shifting financial trends. As India’s wealth ecosystem expands, it continues to solidify its status as a vital contributor to the world’s economic future.