India’s Wealth Landscape: 191 Billionaires and Rising High-Net-Worth Individuals
Knight Frank’s report indicates a 6% increase in India’s high-net-worth individuals, totaling 85,698 in 2024. The billionaire count stands at 191, with a combined wealth of USD 950 billion, underscoring India’s economic resilience and growth potential. Projections suggest further growth, with the HNWI population expected to reach 93,753 by 2028.
According to the latest report from Knight Frank, the number of high-net-worth individuals (HNWIs) in India, defined as those possessing assets exceeding USD 10 million, has increased by 6% in the past year, reaching a total of 85,698 in 2024, compared to 80,686 in the previous year. This upward trend is anticipated to continue, with projections indicating a rise to 93,753 by 2028, showcasing India’s expanding wealth landscape.
The report also reveals that India’s billionaire population currently stands at 191, with 26 individuals joining this exclusive group over the past year. This figure has significantly increased from only 7 billionaires in 2019. The combined wealth of these billionaires is estimated at USD 950 billion, placing India third globally, following the United States and Mainland China.
Shishir Baijal, the Chairman and Managing Director of Knight Frank India, stated, “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.” He emphasized that this expansion also reflects a diversification in investment preferences among India’s affluent, who increasingly seek opportunities across various asset classes.
Baijal further remarked, “In the decade ahead, India’s influence in global wealth creation will only strengthen.” This highlights not only the scale of India’s wealth growth but also the evolving nature of investment strategies adopted by its elite class, signaling a robust economic future and a significant role in global markets.
In summary, India has witnessed a notable increase in its high-net-worth population and billionaires, underscoring its economic resilience and long-term growth potential. The report by Knight Frank projects a sustained upward trajectory in wealth accumulation, with significant diversification in investment preferences observed among India’s affluent class. As India’s influence in global wealth creation strengthens, it is poised to remain a key player in the coming decade.
Original Source: www.ndtv.com
Post Comment