Rising Fortunes: Surge in Indian Ultra-Rich by 2028

Knight Frank's report forecasts a significant 9.4% rise in Indian high-net-worth individuals by 2028, contributing to global wealth creation. This growth underscores India's economic resilience and expanding investment landscape, making the nation a key global player. India's billionaires rank third worldwide, highlighting rapid economic advancement.

A recent report by global consultancy firm Knight Frank projects a 9.4% increase in Indian high-net-worth individuals (HNWIs), those with assets exceeding USD 10 million, by 2028. The Wealth Report 2025 forecasts that India's ultra-rich will grow from 85,698 in 2024 to 93,753 in 2028, echoing the nation's robust economic growth.

In 2024, the number of Indian HNWIs rose 6% year-on-year, positioning India fourth globally with 3.7% of the world's wealthy population. The United States, China, and Japan lead in numbers, with the US hosting nearly 39% of global HNWIs. Meanwhile, global figures have also seen a rise of 4.4%.

On a regional front, Asia recorded a 5% increase in ultra-rich numbers, second only to North America's lead. Meanwhile, India now hosts 191 billionaires, a dramatic rise from 2019, emphasizing its role in global wealth with an estimated combined wealth of USD 950 billion, following the US and China.

(With inputs from agencies.)