India now home to over 85,000 millionaires, ranks 4th globally: Report

India has emerged as the fourth-largest hub of high-net-worth individuals (HNWIs) globally, with 85,698 people now having a net worth of over US$10 million, according to the Knight Frank Global Wealth Report 2025.India now trails only the United States, China, and Japan in terms of the number of wealthy individuals, accounting for 3.7% of the global HNWI population.The report highlights India's strong economic growth, rise in entrepreneurial activity, and increasing access to capital as the key reasons behind the growing concentration of personal wealth.advertisement
Knight Frank report highlights that India's digital infrastructure, especially the spread of smartphones and digital banking, has made wealth creation more accessible than in earlier decades.The report also points to a sharp increase in India's billionaire population, which rose by 12% over the past year. India now has 191 billionaires, up from 165 in 2023.That includes 26 new billionaires added in a single year, a pace far quicker than the seven added in 2019. Indian billionaires now collectively hold around US$0.95 trillion, ahead of France, Germany, and the UK, though still behind the United States and China.Wealthy individuals in India, like their global counterparts, continue to place a high value on real estate. Nearly 30% of billionaire wealth globally is held in real estate, and this trend is particularly strong in India, where property is seen as a symbol of status and stability. Indian HNWIs are also increasingly looking to invest in overseas markets such as Dubai, London, and Singapore.advertisementAccording to the report, India's population of high-net-worth individuals is projected to grow by 43% by 2028, reaching an estimated 122,119 individuals. This projected growth is one of the fastest among all major economies.The report also notes a rising appetite among Indian investors for equities and risk-based assets, setting them apart from more conservative investors in Europe or Japan.

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