SUMMARY

India experienced a significant surge in wealth during 2024, adding over 33,000 new millionaires and bringing the total number of High-Net-Worth Individuals (HNWIs) to 378,810—a 5.6% increase from the previous year. Collectively, their wealth grew by 8.8%, reaching $1.5 trillion, positioning India as one of the fastest-growing wealth hubs globally, surpassing major economies like China .business-standard.com

Who Are These Millionaires?

The majority of these new millionaires fall under the "Millionaires Next Door" category, possessing investable assets between $1 million and $5 million. By the end of 2024, India had 333,340 such individuals, collectively holding $628.93 billion in wealth. Additionally, the country is home to 4,290 Ultra High-Net-Worth Individuals (UHNWIs), each with over $30 million in investable assets, amassing a combined wealth of $534.77 billion .

Investment Preferences of the Wealthy

Indian HNWIs are increasingly diversifying their portfolios, allocating 15% to alternative investments such as private equity and cryptocurrencies. This shift indicates a growing appetite for higher-risk, higher-return assets beyond traditional stocks and bonds .

Drivers of Wealth Growth

Several factors have contributed to this wealth expansion:

• Equity Market Performance: India's Sensex index rose by 8.2% in 2024, enhancing portfolio values for investors.

• Entrepreneurial Growth: Rapid digitization and a thriving startup ecosystem, particularly in sectors like technology, fintech, and infrastructure, have fueled individual wealth creation.

• Inheritance Trends: A significant wealth transfer is anticipated, with 50% of Indian HNWIs expected to inherit wealth by 2030, increasing to 93% by 2040 .

These developments underscore India's emergence as a prominent global wealth center, reflecting its dynamic economic landscape and the evolving investment strategies of its affluent population.

CLICK HERE FOR FULL NEWS