Number of high-net-worth Indians set to rise towards 94,000 by 2028: Report

New Delhi [India], March 5 (ANI): Indians who can be considered high-net-worth individuals are projected to increase by 9.4 per cent by 2028, according to a report by global consultancy firm Knight Frank.

High-net-worth individuals are those with assets exceeding USD 10 million.

Knight Frank’s flagship, The Wealth Report 2025, forecasts ultra-rich Indians at 85,698 in 2024, which is expected to rise to 93,753 by 2028.

According to them, this rise highlights the country’s strong long-term economic growth, increasing investment opportunities, and evolving luxury market, positioning India as a key player in global wealth creation.

In 2024, the number of Indian HNWIs increased by 6 per cent year over year to 85,698 from 80,686 in 2023.

According to the report, India is home to 3.7 per cent of the wealthy individuals globally and currently ranks fourth after the US (905,413 HNWIs), China (471,634 HNWIs), and Japan (122,119 HNWIs).

The number of ultra-rich globally rose by 4.4 per cent in 2024 to 2,341,378 from 2,243,300 a year earlier.

While North America leads in numbers this year, growth was recorded across all world regions.

Asia saw the second-highest increase, at 5 per cent, followed by Africa at 4.7 per cent, Australasia at 3.9 per cent, the Middle East at 2.7 per cent, Latin America at 1.5 per cent, and Europe at 1.4 per cent.

The US is home to almost 39 per cent of all wealthy individuals globally, nearly twice the level of China.

India is now home to 191 billionaires, 26 of whom joined the ranks in just the last year, compared to just 7 in 2019.

The combined wealth of Indian billionaires is estimated at USD 950 billion, ranking the country third globally, behind the US (USD 5.7 trillion) and Mainland China (USD 1.34 trillion).

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “India’s growing wealth underscores its economic resilience and long-term growth potential. The country is witnessing an unprecedented rise in high-net-worth individuals, driven by entrepreneurial dynamism, global integration, and emerging industries.”

“In the decade ahead, India’s influence in global wealth creation will only strengthen,” Baijal added.