India’s economic might is undeniably on the rise, and one of the most prominent reflections of this strength is the dramatic increase in the country’s high-net-worth individuals (HNWIs). According to the latest World Wealth Report by Capgemini, India is witnessing a significant surge not just in the number of millionaires, but also in the total wealth they command.
India Outpaces Global Wealth Growth
In 2024, the wealth of HNIs in India grew by an impressive 8.8%, far outpacing the global average of 2.6%. This robust rise propelled the total number of Indian millionaires to approximately 379,000, with their combined wealth reaching $1.5 trillion, or about ₹129 lakh crore.
This surge cements India’s position as a growing powerhouse of private wealth in the global economy, even as other regions see stagnation or decline.
The Rise of Ultra-HNWIs
Capgemini’s report further reveals that India is now home to 4,290 ultra-high-net-worth individuals (Ultra-HNIs)—people whose wealth exceeds $30 million. These individuals alone command a staggering $534.77 billion in wealth.
Interestingly, 85% of next-generation HNWIs in India plan to switch their wealth management firms in the next 1–2 years. This growing trend reflects dissatisfaction among clients—51% cite lack of access to preferred service channels, while 41% point to a shortage of advanced digital tools.
Global Wealth Trends: India Shines, Europe Falls
While India’s millionaire class expanded rapidly, many global markets saw declines. In Europe, the number of HNIs fell by 21%.
Germany lost 41,000 millionaires
France lost 21,000
United Kingdom saw a decline of 14,000
In contrast, the Asia-Pacific region experienced a 2.7% increase in HNI population, while Latin America saw an 8.5% decrease and the Middle East a 2.1% decline.
The global surge in wealth where it did occur is largely attributed to strong stock markets and AI-led innovation. Investment in alternative assets like private equity and cryptocurrency now accounts for 15% of HNWI portfolios worldwide.
The Flip Side: Rising Inequality in India
However, behind India’s glittering rise in millionaire wealth lies a pressing concern: growing economic inequality.
While the number of wealthy individuals increases, a large segment of the population—particularly the middle class—continues to struggle for access to basic services. The question that arises is: Is this economic boom benefiting only a select few?
The rising concentration of wealth poses a risk of deepening social and economic divides. Without inclusive growth strategies, the current trajectory could widen the gap between the rich and the rest.
The Road Ahead: Inclusive Wealth Management
The booming wealth sector in India presents both a challenge and an opportunity. If government bodies and wealth management firms can collaborate on policies that channel private wealth into inclusive and socially productive initiatives, India could turn its growing private fortune into a driver of national progress.
This requires:
Improved digital access for HNWIs and the middle class
Equitable service models from financial institutions
Policies that reduce barriers for upward mobility across socio-economic classes
India’s growing population of millionaires and billionaires is a strong indicator of its evolving economic clout. But unless the benefits of this prosperity are more evenly distributed, it risks reinforcing the very structural inequalities that hinder long-term growth.
India stands at a pivotal point: it can either become a beacon of inclusive prosperity, or a cautionary tale of wealth concentrated at the top.
Disclaimer:
This blog is based on insights from Capgemini's World Wealth Report and aims to provide an analytical view on the rise of wealth in India. The article does not offer financial advice.
