Billionaire boom: This financial adviser says India is minting billionaires much faster than millionaires across the world
India's wealth creation is speeding up—but it's not what most people think. The real shift isn't just more millionaires. It's the speed at which billionaires are being created.
Financial expert and Wisdom Hatch founder Akshat Shrivastava put it plainly: 'India has roughly 250 billionaires, just half that of China (which has roughly 520 billionaires),' he posted on X (formerly Twitter). 'But, the data is very interesting for millionaires (in USD): The US has 22 million millionaires (25X that of India), China has 6 million millionaires (7X that of India), India has 850K millionaires.'
Then came the clincher: 'One could become a millionaire from a job. But, it is unlikely that one would become a billionaire from a job. India is a land of business opportunities, not necessarily job opportunities.'
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— Akshat_World (@Akshat_World)
The message is clear: India is building a new class of wealth not from employment, but from enterprise.
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India's wealth class is expanding, and fast
The World Wealth Report 2025, released by the
Capgemini Research Institute
, backs Shrivastava's view with data. India's population of high-net-worth individuals (HNWIs) grew by 5.6% in 2024. Their total investable wealth? It rose 8.8%.
By the end of 2024, India had 378,810 millionaires, with a combined asset base of $1.5 trillion. While this number still trails Japan's 3.99 million millionaires ($9.9 trillion) and China's 1.5 million ($7.9 trillion), India posted one of the highest regional growth rates in both wealth and millionaire count.
The 'millionaire next door' segment—Indians with assets between $1 million and $5 million—now includes 333,340 people, together holding nearly $629 billion.
At the top end, India counted 4,290 ultra-high-net-worth individuals (UHNWIs), each with over $30 million in assets. In contrast, China has 22,780 and Japan has 13,620 UHNWIs.
A tectonic generational shift
But what's driving this shift? Inheritance plays a big part. According to the report, 50 percent of Indian HNWIs will receive inherited wealth by 2030. By 2040, that figure is expected to reach 93 percent.
This transfer of wealth is changing how India's young rich manage money. Offshore investment is now a key focus. Nearly all—98 percent—of next-gen HNWIs plan to grow their offshore assets by more than 10 percent by 2030.
Why move wealth abroad? Forty-nine percent cited more favourable tax or political conditions. Others pointed to better investment choices (55 percent), higher quality services (65 percent), and stronger market access (54 percent).
For younger HNWIs, the decision to relocate isn't just financial—it's strategic. Fifty-nine percent of Gen Z Indian HNWIs have already changed their tax residency for inheritance planning, well above the global average of 39 percent.
Digital demands and the future of wealth management
The next generation of Indian wealth is digital-first. Among young HNWIs, 85 percent say they will switch their wealth managers within one to two years—higher than the global average of 81 percent.
The top complaints? Lack of digital service channels (51 percent) and substandard digital transaction tools (41 percent). Yet personal connection still matters: 67 percent said they would follow their existing relationship manager to a new firm.
Demands vary across age groups. Seventy-six percent of Indian millennial HNWIs expect top-tier digital services. Among Gen Z, the figure is 52 percent. Millennials are also the most likely to want personalised service—70 percent say it's important. That drops slightly for Gen Z (60 percent) and Gen X (49 percent).
What the wealthy are buying
HNWI portfolios globally are shifting, and India's wealthy are paying close attention. As of January 2025, 25–28 percent of holdings were in cash. Fixed income took up 19 percent. Real estate held 16–19 percent, and equities made up 20–25 percent.
Alternative investments—venture capital, private equity, hedge funds—are also gaining ground. They now account for 14–17 percent of portfolios, especially among younger investors. Millennials in particular are showing a stronger appetite for these higher-risk, higher-reward options.
India's new wealthy aren't following the old playbook. They're rewriting it. Driven by enterprise, boosted by inheritance, and demanding global options with digital ease, they are changing what it means to be wealthy in modern India.
They're not just chasing growth. They're shaping it. And that, perhaps, is the most powerful shift of all.
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