Summary:

In 2024, India added over 33,000 new millionaires, increasing its High-Net-Worth Individual (HNWI) population by 5.6% to 378,810. Total HNWI wealth grew 8.8% to Rs. 1,28,74,500 crore (US$ 1.5 trillion), making India one of the fastest-growing wealth markets. Most new millionaires are “Millionaires Next Door,” with assets ranging from Rs. 8.6 crore to Rs. 42.9 crore, while 4,290 Ultra HNWIs hold Rs. 45,89,931 crore.

A healthy equities market (Sensex up 8.2%), domestic consumption, entrepreneurship, and rising inheritance contributed to India’s wealth growth, with 50% of HNWIs expected to inherit by 2030. Next-generation millionaires prefer digital-first, personalized wealth management, with 85% planning to switch firms soon. Offshore investing is rising due to improved advisory services and portfolio diversification. Globally, 15% of HNWI portfolios include alternative assets, favored by 61% of Gen Z and millennials. India outpaced China, while Europe, Latin America, and the Middle East saw declines.

Source: IBEF

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