India has emerged as a global wealth hub, ranking fourth worldwide with 85,698 High Net-Worth Individuals (HNWIs), as per Knight Frank’s Global Wealth Report. The country’s wealth growth stems from its thriving startup ecosystem, entrepreneurial spirit, and tech-driven economy. Globally, HNWIs grew by 4.4% in 2024, while India’s billionaire count rose by 12%, reaching 191. Economist James Pomeroy credits favorable financial conditions and innovation for this surge, highlighting India’s role in reshaping Asia’s economic landscape and the global wealth distribution.
India has firmly established itself as a global wealth hub, ranking fourth in the world with 85,698 High Net-Worth Individuals (HNWIs), according to the latest Global Wealth Report by Knight Frank. The country trails only the United States, China, and Japan in this prestigious category, underscoring its growing economic influence on the world stage.
The report highlights a global increase of 4.4% in the number of HNWIs—individuals with at least $1 million in investable assets—reaching over 2.3 million people in 2024. Even more striking is the rise in ultra-high-net-worth individuals (UHNWIs), those with assets exceeding $100 million, whose population surpassed 100,000 for the first time. This growth reflects the broader trend of increasing wealth worldwide.
James Pomeroy, global economist at HSBC, credits this surge in wealth to favorable financial conditions. He explained, “Rates coming down has clearly played a role in supporting risk asset prices. You could also park capital in cash at the beginning of last year and get 5% in most parts of the world. That plays a huge role in keeping wealth growing for people who have been able to accumulate it historically.”
Although the United States remains the dominant wealth creator, hosting nearly 40% of global HNWIs, India’s wealth expansion is particularly noteworthy. India’s HNWI population has grown substantially, driven by the country’s vibrant economy and increasing risk appetite, especially in emerging markets. Globally, the US led with a 5.2% growth in its HNWI population in 2024, followed closely by Asia at 5%, and Africa at 4.7%. Meanwhile, the Australasia region experienced a 3.9% increase, supported by strategic ties with Asian and North American markets.
India’s wealth boom is closely linked to its flourishing startup ecosystem, fueled by widespread smartphone adoption and an entrepreneurial spirit. Pomeroy remarked, "This has created a start-up culture that’s been a big part of the growth story in places like India and the Philippines. These entrepreneurs can then become super-wealthy, leading to a new era of high-tech enterprises, which is transforming Asia’s economic landscape."
This surge in wealth is also visible in India’s billionaire population, which grew by 12% over the past year, reaching a total of 191. Remarkably, 26 of these billionaires emerged in 2024 alone, a significant leap from just seven in 2019. India now stands alongside other rapidly growing economies like France, Brazil, and Russia, which have also seen notable increases in their number of billionaires.
On a global scale, the distribution of wealth is becoming more diverse, signaling a shift away from traditional centers like the US and Europe. Asia and other emerging regions are playing an increasingly important role in shaping the future of wealth creation. Technology and innovation are at the heart of this transformation, with digital tools empowering entrepreneurs to scale their businesses rapidly.
India’s entrepreneurial ecosystem, in particular, has been a driving force behind its wealth growth. "India’s growing startup culture is a major contributor to the wealth expansion, as more and more entrepreneurs leverage technology to scale their businesses internationally," said Pomeroy. "This new breed of high-tech entrepreneurs is helping shift Asia's economic focus from traditional manufacturing to cutting-edge enterprises."
As India continues its upward trajectory, it is clear that its robust entrepreneurial culture and tech-driven economy are reshaping the global wealth landscape, ensuring the country’s prominent position among the world’s leading wealth hubs.
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