India's high-net-worth individuals (HNWIs)—the population with assets more than $10 million—rose six per cent last year to 85,698. Global property consultant Knight Frank released it's The Wealth Report 2025’ on March 5, 2025, which estimated the HNWI population in India at 85,698 in 2024, compared to 80,686 in the preceding year. The number is expected to rise to 93,753 by 2028, reflecting India's expanding wealth landscape.
The increasing trend of the HNIW population highlights the country's strong long-term economic growth, increasing investment opportunities, and evolving luxury market, positioning India as a key player in global wealth creation. India's billionaire population has seen a year-on-year growth in 2024.
India HNIW population in 2024
"India is now home to 191 billionaires, of which 26 joined the ranks in just the last year, which was pegged at just seven in 2019," said Knight Frank. The combined wealth of Indian billionaires is estimated at $950 billion, ranking the country third globally, behind the US ($5.7 trillion) and Mainland China ($1.34 trillion).
"India's growing wealth underscores its economic resilience and long-term growth potential. India is witnessing an unprecedented rise in high-net-worth individuals, driven by entrepreneurial dynamism, global integration, and emerging industries," said Shishir Baijal, Managing Director of Knight Frank India.
He added that this expansion is not just in scale but also in the evolving investment preferences of India's elite, who are diversifying across asset classes, from real estate to global equities. “In the decade ahead, India's influence in global wealth creation will only strengthen,” he added.
The Knight Frank report also highlighted that Delhi has moved up to 18th among 100 cities globally regarding annual price appreciation in the luxury housing segment in 2024. The Prime International Residential Index (PIRI 100) value increased by 3.6 per cent in 2024. Of the 100 luxury residential markets tracked, 80 recorded positive or the same annual price growth.
Among Indian cities, Delhi is ranked 18th, a significant jump driven by a 6.7 per cent year-on-year (YoY) growth in luxury residential prices. Mumbai follows at 21st, while Bengaluru ranks 40th. "Delhi moved up from 37th place in 2023 to 18th in 2024, while Bengaluru rose from 59th to 40th. Mumbai has dropped to 21st position, losing thirteen spots from 2023," said Knight Frank.
