India's ultra-rich population surges; billionaires to rise 51% by 2030
What's the story
India's ultra-wealthy population is growing at a rapid pace. The country has now become the sixth-largest in terms of ultra-high net worth individuals (UHNWI), according to a Knight Frank report. In 2026, India had 19,877 UHNWIs—those with a net worth of over $30 million—accounting for 2.8% of the global UHNWI population. This figure is expected to grow by a whopping 27% to reach an estimated 25,217 by 2031.
Billionaire boom
Billionaire boom in India
India's billionaire population has also seen a massive increase of 58% over the past five years, bringing the total to 207 in 2026. This makes India the third-largest country in terms of billionaires, after the US (914) and China (485). The number is expected to rise by another 51% to reach an estimated 313 by 2031, according to Knight Frank's projections.
Wealth distribution
Wealth dispersion across cities
Mumbai is still the wealth capital of India, hosting 35.4% of the country's ultra-rich population. However, this share has come down from 41.3% in 2015, indicating a gradual dispersion of wealth across other cities such as Delhi (22.8%), Bengaluru (10.6%), Hyderabad (6.3%) and Chennai (4.8%) over the past decade.
Global perspective
Shifting tides in global wealth
The Knight Frank report also notes a major shift in global wealth distribution. "We are witnessing one of the most significant shifts in global wealth distribution in modern history," said Liam Bailey, Global Head of Research at Knight Frank. He added that while the US still leads, countries like India and other emerging economies are now shaping this landscape.