India Adds Over 33,000 New Millionaires in 2024, Emerges as Fastest-Growing Wealth Market Globally
India Adds Over 33,000 New Millionaires in 2024, Emerges as Fastest-Growing Wealth Market Globally
Capgemini’s World Wealth Report 2025 highlights India’s rapid rise in individual wealth, with strong growth among both emerging and ultra-high-net-worth individuals.
India witnessed a significant upswing in personal wealth in 2024, adding more than 33,000 new millionaires in a single year, according to the World Wealth Report 2025 released by the Capgemini Research Institute. The report marks India as one of the world’s fastest-growing wealth markets—outpacing several major global economies including China.
HNWI Base Expands to 378,810
The number of High-Net-Worth Individuals (HNWIs) in India—defined as individuals with investable assets of $1 million or more—rose by 5.6% year-on-year, reaching a total of 378,810 by the end of 2024. This marks a significant jump from the previous year’s estimate of 345,000.
Correspondingly, total HNWI wealth in the country increased by 8.8%, reaching an estimated $1.5 trillion.
Dominance of “Millionaires Next Door”
A large proportion of India’s wealthy fall into the category of “Millionaires Next Door”, with investable assets between $1 million and $5 million. This group grew to 333,340 individuals in 2024, collectively holding $628.93 billion in assets.
These individuals are typically self-made professionals, entrepreneurs, tech founders, and second-generation business leaders. Their rise reflects India’s evolving economic landscape and growing access to wealth-creation opportunities beyond legacy business families.
Surge in Ultra-Rich Population
India’s Ultra High-Net-Worth Individual (Ultra HNWI) segment—those with over $30 million in investable assets—also saw impressive growth:
Total Ultra HNWIs: 4,290
Combined Wealth: $534.77 billion
This tier comprises industrialists, investors, and business families with diversified holdings across domestic and international markets. The segment’s growth underscores India’s increasing influence in global capital flows and private equity.
Factors Driving the Wealth Boom
Capgemini attributes India’s rapid wealth creation to several key factors:
Robust stock market performance
A flourishing startup and tech ecosystem
Improved ease of doing business
Increased financial participation and literacy
Rising asset valuations across real estate, equities, and private investments
Notably, India’s wealth surge comes at a time when many developed economies are grappling with inflationary pressures, slower growth, and tighter monetary policies.
Global Positioning
India’s HNWI growth in both population and total wealth outpaced major economies including China, Germany, and the UK, reaffirming its status as a key driver of global wealth expansion.
The data reflects India’s transformation from an emerging market to a core player in global private wealth,” the report notes. “Its expanding middle and upper classes are increasingly sophisticated, financially aware, and globally integrated.
Outlook
With continued economic reforms, digital penetration, and entrepreneurial momentum, India is well-positioned to further solidify its standing as a leading global wealth hub over the next decade.