India now has nearly 85,700 millionaires, ranks 4th worldwide
What's the story
India has become the fourth-largest hub of high-net-worth individuals (HNWIs) in the world, according to the Knight Frank Global Wealth Report 2025.
The report states that there are now over 85,698 people in India with a net worth exceeding $10 million.
This puts India behind only the United States, China, and Japan in terms of wealthy individuals.
Wealth accumulation
India's digital infrastructure fuels wealth creation
The report credits India's strong economic growth, rising entrepreneurial activity, and improved access to capital for the increasing concentration of personal wealth.
It also notes that India's digital infrastructure, particularly the rise of smartphones and digital banking, has made wealth creation easier than in previous decades.
This is a major factor contributing to the country's growing number of HNWIs.
Billionaire boom
India adds 26 new billionaires in just 1 year
The report also highlights a massive 12% jump in India's billionaire population over the last year. The country now boasts 191 billionaires, up from 165 in 2023.
This includes 26 new billionaires added within just one year, a pace much faster than the seven added in 2019.
Collectively, Indian billionaires hold around $0.95 trillion—more than France, Germany, and the UK—but still behind the US and China.
Investment trends
Indian HNWIs prefer investing in real estate
Like their global counterparts, wealthy individuals in India continue to invest heavily in real estate.
The report says nearly 30% of billionaire wealth worldwide is invested in property, a trend that is particularly strong in India where real estate is viewed as a status symbol and a form of stability.
Indian HNWIs are also looking at overseas markets such as Dubai, London, and Singapore for investments.
Future projections
HNWI population to grow by 43% by 2028
The report predicts that India's HNWI population will grow by a whopping 43% by 2028, reaching nearly 122,119 individuals. This estimated growth is one of the fastest among all major economies.
The report also notes a growing interest among Indian investors in equities and risk-based assets, which differentiates them from more conservative investors in Europe or Japan.