India’s billionaire count rises to 191, millionaire population grew by 6% in 2024: report

India’s wealth landscape continues to expand, with the country now home to 191 billionaires and a growing population of high-net-worth individuals (HNWIs), according to The Wealth Report 2025 released by global property consultant Knight Frank.

The report highlights a 6% rise in India’s HNWI population - individuals with assets exceeding $10 million - which grew from 80,686 in 2023 to 85,698 in 2024. This number is projected to climb further, reaching 93,753 by 2028, signaling India’s strengthening position in global wealth creation.

India’s billionaire count also witnessed significant growth, with 26 new billionaires emerging in 2024 alone, compared to just seven in 2019. The total billionaire wealth in India is now estimated at $950 billion, making it the third-largest in the world after the United States ($5.7 trillion) and Mainland China ($1.34 trillion).

Knight Frank India’s Chairman and Managing Director, Shishir Baijal, attributes this wealth expansion to India’s strong economic fundamentals, entrepreneurial growth, and increasing global integration.

"India's growing wealth underscores its economic resilience and long-term growth potential," Baijal stated. "The rise in high-net-worth individuals is not just about numbers but also about evolving investment strategies, with India's elite increasingly diversifying across real estate, global equities, and other asset classes."

With its rapid economic expansion and increasing number of ultra-rich individuals, India is poised to play a greater role in global wealth creation in the coming decade.