Number of Indian billionaires touches 191 in 2024, Indian HNWIs rise 6% to 85,698: Knight Frank
The Knight Frank report added that India is now home to 191 billionaires, of which 26 joined the ranks in just the last year, which was pegged at just 7 in 2019
The number of Indian high-net-worth individuals (HNWIs), those having assets of more than $10 million, rose 6% last year to 85,698 from 80,686 in 2023, according to Knight Frank Wealth Report 2025.
The Indian HNWI population is expected to rise to 93,753 by 2028, reflecting India’s expanding wealth landscape.
This report added that the rise 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.
The number of HNWIs globally rose by 4.4% YoY in 2024 to 2,341,378 from 2,243,300 a year earlier.
While North America leads in HNWI numbers this year, Asia saw the second highest increase at 5%, followed by Africa at 4.7%. Australasia at 3.9%. The Middle East witnessed a 2.7% growth, Latin America at 1.5% and Europe at 1.4% YoY growth.
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India is home to 191 billionaires
The report added that India is now home to 191 billionaires, of which 26 joined the ranks in just the last year, which was pegged at just 7 in 2019.
The country’s billionaire population has seen a strong annual growth of 12% in 2024 over the previous year.
"India is home to 3.7% of the wealthy individuals globally and currently stands in 4th position after the US with 905,413 HNWIs, China with 471,634 HNWIs and Japan with 122,119 HNWIs," it said.
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).
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"India's growing wealth underscores its economic resilience and long-term growth potential. The country is witnessing an unprecedented rise in high-net-worth individuals, driven by entrepreneurial dynamism, global integration, and emerging industries," Shishir Baijal, Chairman & Managing Director, Knight Frank India, said.
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.
