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India is witnessing a transformative era of wealth creation. From bustling metros to emerging Tier-II cities, the nation’s affluent population is expanding at a pace that is capturing global attention. A dynamic mix of young entrepreneurs, tech pioneers, and seasoned industrialists drives this change.
The rise of high-net-worth individuals (HNIs, or people with investable assets of at least $1 million) and ultra-high-net-worth individuals (UHNIs, or those with assets worth above $30 million) in 2024 paints a fascinating picture of opportunity, influence, and ambition.
India’s wealthy denizens not just growing in number but also global significance. India ranks 6th globally in UHNI population and 3rd in Asia, trailing only China and Japan. The country's UHNI count reached 13,600 in 2024, marking a 6% annual growth. This population is projected to soar by 50% by 2028, far outpacing the global growth average of 30%.
India is home to over 850,000 HNIs, and this is projected to double to 1.65 million by 2027. Interestingly, 20% of these millionaires are under 40, signalling the growing influence of young wealth creators.
The engines of wealth creation in India are diverse, spanning traditional industries and emerging sectors. Nearly 30% of new HNIs owe their fortunes to technology, fintech, and start-ups. The 'Make-in-India' push has fuelled industrial wealth, contributing 21% to the UHNI economy. Contributing 15%, luxury and commercial real estate have been key drivers, with urbanization and premium developments leading the charge. The Indian stock markets caused wealth from equities to grow by 18% year-on-year, further enriching India’s affluent.
Real estate continues to be a cornerstone of wealth allocation for Indian HNIs and UHNIs: The share of luxury homes in total sales surged to 28% in 2024, up from 16% pre-pandemic. High-end properties in Mumbai, Delhi, and Bengaluru are top picks, with Goa, Alibaug, and Jaipur emerging as favoured second-home destinations. Approximately 14% of UHNIs own properties abroad, with Dubai, London, and Singapore as the primary hotspots. The average international property investment exceeded INR 12 crore ($1.44 million) in 2024. With a growing focus on sustainability, ESG-compliant real estate has captured the interest of affluent buyers.
India’s affluent are shaping trends in luxury consumption: More than 37% of Indian HNIs purchased a high-end vehicle in 2024, driving record sales for brands like Lamborghini, Porsche, and Rolls Royce. UHNIs spend an average of INR 6 crore ($720,000) annually on bespoke vacations, luxury cruises, and curated experiences.
India is the 5th largest market for luxury watches and bespoke jewellery, with a surge in demand for pieces from Cartier, Patek Philippe, and Indian heritage brands.
The investment landscape for India’s wealthy reflects a strategic shift: 32% of wealth is allocated to real estate, 20% flows into private equity and start-ups, focusing on AI, blockchain, and cleantech, 8% of UHNIs have invested in cryptocurrencies, despite regulatory uncertainty.
Also, nearly 25% of Indian UHNIs are diversifying abroad, prioritizing assets in North America and Europe. Over 40% of UHNIs have established family offices to manage wealth, succession planning, and philanthropy.
Millennial Wealth Creators - Over 15% of India’s HNIs are under 30, driven by start-up unicorns, IPOs, and tech-driven ventures. This number is expected to rise to 25% by 2030, as younger entrepreneurs redefine wealth creation.
Alternate Citizenship and Global Mobility - About 10% of UHNIs secured alternate citizenships in 2024, favouring Portugal, Malta, and the UAE for their global mobility and tax benefits.
Health and Wellness Investments - Wellness-focused real estate, customized healthcare, and anti-ageing solutions have emerged as significant spending categories. High-net-worth families are also increasingly investing in preventive healthcare and luxury wellness retreats.
While India’s UHNI population grew by 6% in 2024, China’s grew by just 2%, signalling India’s rising economic prominence. Indian UHNIs donated over INR 60,000 crore ($7.2 billion) in 2024, prioritizing education, healthcare, and sustainability. As India’s luxury goods market grew by 12% in 2024, global brands are tailoring their offerings for Indian tastes, from bespoke couture to experiential services.
India’s high-net-worth and ultra-high-net-worth individuals are not just symbols of wealth but also catalysts for economic transformation. From driving the luxury market to fuelling philanthropic ventures and innovative investments, they embody the aspirations of a nation on the rise.
With younger wealth creators, a booming tech sector, and increasing global influence, India’s journey toward wealth dominance is just beginning.
