India’s ultra-high net worth individual (UHNI) count reached 13,600 in 2024, registering a 6% annual growth, far surpassing China’s 2% growth in the same period. According to a report by the Anarock Group, this highlights India’s rising economic dominance on the global stage. The number of UHNIs in India is projected to grow by 50% by 2028, significantly outpacing the global average growth rate of 30%.
India’s global ranking in UHNI population
India ranks sixth globally and third in Asia for its UHNI population, trailing only China and Japan. The report underscores the nation’s growing influence, as its UHNI growth reflects the rapid rise in wealth creation across industries.
- Current UHNI count (2024): 13,600
- Projected growth by 2028: 50%
Wealth trends among Indian UHNIs
About 10% of Indian UHNIs obtained alternative citizenships in 2024, favouring countries like Portugal, Malta, and the UAE for their global mobility and tax benefits. Meanwhile, 14% of UHNIs invested in international properties, with Dubai, London, and Singapore being the top destinations.
- Average International Property Investment (2024): ₹12 crore ($1.44 million)
- Key investment regions: North America and Europe
Indian UHNIs are not just accumulating wealth but are also driving societal change. In 2024, they donated over ₹60,000 crore ($7.2 billion), focusing on education, healthcare, and sustainability.
- Annual Luxury Spending: ₹6 crore ($720,000) on bespoke vacations, cruises, and curated experiences.
High Net Worth Individuals (HNIs) on the rise
India is also home to 850,000 high-net-worth individuals (HNIs), a figure projected to double to 1.65 million by 2027. Notably, 20% of these millionaires are under the age of 40, reflecting the rising influence of young entrepreneurs.
- HNIs under 30 (2024): 15%
- Projected HNIs under 30 (2030): 25%
Luxury and innovation redefine wealth creation
More than 37% of Indian HNIs purchased high-end vehicles in 2024, propelling record sales for brands like Lamborghini, Porsche, and Rolls Royce. With start-up unicorns, IPOs, and tech-driven ventures driving wealth, India’s young entrepreneurs are poised to lead the next wave of economic transformation.
