India’s Millionaire Population Jumps by 33,000 in 2024 Amid Rapid Wealth Growth
India witnessed a remarkable surge in wealth in 2024, with over 33,000 new millionaires joining the ranks, according to the World Wealth Report 2025 by Capgemini Research Institute. The country’s High-Net-Worth Individual (HNWI) population grew by 5.6%, reaching a total of 378,810 millionaires, up from around 345,000 in 2023.
Alongside the growing number of wealthy individuals, India’s total HNWI wealth rose by 8.8%, now valued at $1.5 trillion, positioning India as one of the fastest-growing wealth markets worldwide—outpacing major economies like China.
Millionaire Profile Breakdown
The majority of India’s newly minted millionaires are categorized as “Millionaires Next Door,” possessing investable assets between $1 million and $5 million. By the end of 2024, this group accounted for 333,340 individuals controlling nearly $629 billion in assets.
On the ultra-wealthy spectrum, India has 4,290 Ultra HNWIs (those with over $30 million in investable assets), whose combined wealth totaled $534.77 billion in 2024.
Factors Behind India’s Wealth Boom
- Stock Market Rally: India’s Sensex climbed 8.2% in 2024, driving portfolio appreciation for many investors.
- Growing Entrepreneurship and Consumption: Rapid digital adoption, a thriving startup ecosystem, and sectoral diversification—especially in technology, fintech, and infrastructure—have fueled individual wealth accumulation.
- Inheritance Trends: An estimated 50% of Indian millionaires are expected to inherit wealth by 2030, with that number rising to 93% by 2040, underscoring the importance of estate planning.
Global Wealth Context
Globally, the HNWI population increased by 2.6% in 2024, fueled by a 6.2% rise in ultra-wealthy individuals. Alternative investments like private equity and cryptocurrencies now make up 15% of HNWI portfolios, signaling a growing appetite for diversified and higher-risk assets.
North America led the growth with a 7.3% increase in millionaires, while regions like Europe, Latin America, and the Middle East faced declines due to economic challenges.
Key Regional Highlights (End of 2024):
- Europe: HNWI numbers dropped by 2.1%, with major losses in the UK, France, and Germany.
- Asia-Pacific: Saw a 2.7% increase in HNWIs, with India and Japan posting strong growth.
- Latin America: Experienced an 8.5% decline, heavily impacted by currency depreciation.
- Middle East: HNWI population decreased by 2.1% amid falling oil prices.
India’s Wealth Outlook and Next-Gen Millionaires
India’s next-generation wealthy are digitally savvy and globally minded, seeking wealth management solutions that are technology-first and customized. Around 85% of young HNWIs plan to switch wealth management firms in the coming years due to dissatisfaction with existing digital platforms.
Moreover, 98% of India’s next-gen millionaires intend to increase offshore investments by 2030, attracted by better options, advisory services, and stable regulatory environments.
Investment Trends Among India’s Rich (2025)
- Increasing allocation to alternative assets such as private equity and cryptocurrencies.
- Strong preference for global real estate, tech startups, and ESG-focused funds.
- Emphasis on inheritance and estate planning, with growing interest in offshore trusts and tax-efficient structures.
This robust wealth creation and evolving investment landscape highlight India’s emergence as a powerhouse in global wealth markets, driven by dynamic economic growth and a new generation of investors.
