India experienced a remarkable surge in its wealthy population during 2024, adding over 33,000 new millionaires, according to the latest World Wealth Report 2025 published by the Capgemini Research Institute. This expansion boosted the country’s High-Net-Worth Individual (HNWI) population by 5.6%, reaching 3,78,810 individuals, marking India as one of the fastest-growing wealth markets globally.

Wealth Growth and Population Dynamics

India’s total HNWI wealth increased by 8.8%, reaching an astounding Rs. 1,28,74,500 crore (US$ 1.5 trillion). This growth reflects the combined impact of a robust equity market, thriving domestic consumption, entrepreneurship, and a strong inheritance trend.

The report categorises the majority of new millionaires as “Millionaires Next Door” — individuals holding investable assets between Rs. 8.6 crore (US$ 1 million) and Rs. 42.9 crore (US$ 5 million). Meanwhile, India’s ultra-wealthy segment also saw an increase, with 4,290 Ultra High Net Worth Individuals (Ultra HNWIs), each with assets over Rs. 257.5 crore (US$ 30 million). Collectively, these Ultra HNWIs held wealth worth Rs. 45,89,931 crore (US$ 534.77 billion).

Drivers of Wealth Expansion

Several key factors fuelled this wealth surge:

• The equity market performed strongly, with the Sensex gaining 8.2% in 2024.

• Domestic consumption and entrepreneurship continued to drive wealth creation.

• Inheritance trends are rising significantly, with 50% of Indian HNWIs expected to inherit wealth by 2030, and 93% by 2040, indicating a large transfer of wealth across generations.

Shifting Expectations Among Next-Gen Millionaires

The report highlights a shift in preferences among younger millionaires. About 85% of next-generation HNWIs plan to switch their parents’ wealth management firms within the next one or two years. This reflects a growing demand for digital-first, personalised wealth management services, underscoring the need for wealth firms to adapt quickly to changing client profiles.

Rise of Offshore and Alternative Investments

Offshore investing has also become more prevalent, spurred by better advisory services, more stable regulations, and portfolio diversification goals. Globally, as of January 2025, 15% of HNWI portfolios are allocated to alternative assets such as private equity and cryptocurrency.

Notably, 61% of Gen Z and millennial HNWIs show a strong appetite for alternative asset classes, indicating a future trend towards diversified and innovative investment strategies.

Global Context: India vs. Other Regions

While North America leads global HNWI population growth, India has outpaced China in the Asia-Pacific region, marking a significant milestone in its wealth market evolution.

Conversely, regions like Europe, Latin America, and the Middle East have seen declines in their HNWI populations, affected by economic slowdowns and currency depreciations.

Conclusion

India’s wealth story in 2024 showcases a dynamic, fast-growing high-net-worth community, driven by market gains, entrepreneurship, and generational wealth transfers. The evolving preferences of younger millionaires and the rise of alternative investments signify that wealth management strategies will continue to transform in the years ahead.

India’s position as a global wealth market is strengthening, aligning with its broader economic growth trajectory and reinforcing the country’s role on the international financial stage.

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