India's HNWI Population Surges to 85,698; Billionaires Rise 12% in 2024
India ranks fourth globally with 85,698 high-net-worth individuals, while the number of billionaires increases by 12% in 2024, according to the latest report.
HnwisBillionairesIndiaLuxury Real EstateWealth ManagementReal Estate MumbaiMar 05, 2025
According to the latest report by Wealth-X, the number of billionaires in the country has also risen by 12% in 2024.
This growth underscores the robust economic development and the increasing wealth generation in the nation.
The study highlights that the wealth management sector in India is thriving, driven by a combination of factors such as robust economic policies, favorable business environments, and a burgeoning entrepreneurial ecosystem.
Metropolitan cities like Delhi and Bengaluru have played a crucial role in this growth, surging in global luxury real estate rankings.
However, Mumbai, traditionally a hub of high net worth individuals, has witnessed a slight dip in its global standing.
Delhi and Bengaluru's rise is attributed to their strong technology and startup ecosystems, which have attracted significant investments and fostered the creation of numerous HNWIs.
These cities have become hotspots for real estate, with luxury properties witnessing a surge in demand.
The luxury real estate market in Delhi and Bengaluru is not just about residential properties but also includes high-end commercial developments, further boosting the local economy.
On the other hand, Mumbai's slight decline in the global luxury real estate rankings is a result of increased competition and changing market dynamics.
While the city still holds a significant share of HNWIs, the rise of other cities has diluted its dominance.
Mumbai continues to be a financial and commercial hub, but the growth of other cities has created a more balanced and competitive landscape.
The report also indicates that the wealth management industry in India is adapting to new trends and technologies.
The use of artificial intelligence, blockchain, and other advanced technologies is becoming increasingly prevalent in wealth management services.
These technologies are not only enhancing the efficiency and security of wealth management but also making it more accessible to a broader segment of the population.
In addition to technological advancements, there is a growing interest in sustainable and impact investing among HNWIs in India.
Many individuals are looking to align their financial goals with environmental and social causes, driving the development of green and socially responsible investment products.
This trend is expected to gain more traction in the coming years as awareness and concern for sustainability continue to rise.
The government's role in fostering a conducive environment for wealth creation and management cannot be overstated.
Initiatives such as the Make in India campaign, ease of doing business reforms, and digital transformation efforts have played a crucial role in attracting foreign investments and stimulating domestic growth.
These policies have not only helped in the creation of new HNWIs but also in retaining and growing the wealth of existing high-net-worth individuals.
Looking ahead, the future of the HNWI population in India appears promising.
The country's young and dynamic population, coupled with a growing middle class, is expected to drive further wealth creation and economic growth.
The wealth management industry is poised to capitalize on these trends, offering a wide range of services and products to cater to the diverse needs of HNWIs.
In conclusion, India's surge in the number of HNWIs and billionaires is a testament to the country's economic resilience and growth.
While challenges such as regulatory changes and market volatility remain, the overall trajectory is positive.
The wealth management sector is well-positioned to continue its growth, supported by technological advancements and a growing focus on sustainable investing.
Frequently Asked Questions
What is the current rank of India in terms of HNWI population?
India ranks fourth globally with 85,698 high-net-worth individuals (HNWIs).
How much has the number of billionaires in India increased in 2024?
The number of billionaires in India has increased by 12% in 2024.
Which cities in India have surged in global luxury real estate rankings?
Delhi and Bengaluru have surged in global luxury real estate rankings.
What factors are driving the growth of HNWIs in India?
The growth of HNWIs in India is driven by robust economic policies, favorable business environments, and a burgeoning entrepreneurial ecosystem.
What new trends are emerging in the wealth management industry in India?
The wealth management industry in India is seeing a growing interest in sustainable and impact investing, alongside the adoption of advanced technologies such as AI and blockchain.
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