India's household wealth growing fast, but inequality remains a concern
India's household financial assets shot up by 14.5% in 2024—well above the global average of 8.7%.
Most of this boost came from big gains in securities and insurance, with average net financial assets per person hitting $2,818.
That's not just a fivefold increase over the past 20 years, putting India among the world's fastest-growing wealth markets.
Top 10% hold 2-thirds of assets
Even with all this growth, most of India's wealth is held by a small group: the top 10% own 65% of household assets.
The middle class is expanding and shaping market trends, but there's still a big gap between rich and poor.
Rising debt levels and changing attitudes toward credit
Household debt rose by 12.1%, bringing India's debt-to-GDP ratio to around 41%.
While that's lower than some Asian neighbors, it shows a shift away from old-school saving toward using credit—especially for personal luxuries—a sign that money management habits in India are changing fast.