India's billionaire count surges to 191 in 2024
What's the story
As per the Knight Frank Wealth Report for 2025, India is witnessing an unprecedented growth in its billionaire and high-net-worth individual (HNWI) populations.
The country now has a whopping 191 billionaires, growing at an astounding 12% year-on-year.
26 new billionaires were added in 2024, showing a significant rise in ultra-rich individuals. In contrast, only 7 new billionaires were added in 2019.
Collectively, these billionaires hold an estimated wealth of $950 billion, ranking India third globally in billionaire wealth accumulation.
HNWI growth
India's HNWI population rises by 6% in 2024
The Knight Frank report also notes a remarkable growth in India's high-net-worth individual (HNWI) population.
Those with assets worth more than $10 million have witnessed a 6% increase from last year, taking the total to 85,698.
This growth is expected to continue, with a projected increase to 93,753 by 2028.
The report credits India's strong economic growth and evolving luxury market for this growth.
Global ranking
India ranks 4th globally in terms of HNWI count
India now ranks fourth globally in terms of high-net-worth individuals, behind the US, China, and Japan.
The global HNWI population grew by 4.4% year-on-year in 2024.
North America topped with the most number of HNWIs this year at 905,413. Asia saw a significant growth rate at 5%, closely followed by Africa at 4.7%.
Investment trends
India's elite diversifying their investments across asset classes
Shishir Baijal, chairman and managing director of Knight Frank (India), said India's increasing wealth highlights its economic resilience and long-term growth potential.
He added that the country is seeing an unprecedented rise in high-net-worth individuals, fueled by entrepreneurial dynamism, global integration, and emerging industries.
Baijal also pointed out a shift in investment preferences among India's elite who are diversifying their portfolios across asset classes like real estate and global equities.