Rama Krishna Sangem
India maybe poor in terms of per capita income, but ranks 4th in the world as far as super rich – those with above $ 1 million net-worth. India has emerged as a leading global wealth hub, with a current population of 85,698 High Net-Worth Individuals (HNWIs), placing it fourth globally, behind only the US, China, and Japan, according to the latest Global Wealth report by property consulting firm Knight Frank.
According to the latest wealth report, the number of HNWIs—defined as individuals with at least US$1 million in investable assets—rose by 4.4% globally in 2024, reaching over 2.3 million people. Notably, the population of ultra-high-net-worth individuals (UHNWIs), those with assets exceeding US$100 million, surpassed 100,000 for the first time, reflecting a broader trend of growing wealth across the world
James Pomeroy, global economist at HSBC, attributed much of this wealth growth to a combination of low-interest rates and attractive returns on risk assets like equities. He noted, “Rates coming down has clearly played a role in supporting risk asset prices. You could also park capital in cash at the beginning of last year and get 5% in most parts of the world. That plays a huge role in keeping wealth growing for people who have been able to accumulate it historically.”
US leads, followed by China, Japan
America continues to dominate as the world’s primary wealth creator, with nearly 40% of global HNWIs residing in the US, a figure far surpassing China, which holds 20%, and Japan, which accounts for just over 5%. Despite this dominance, India has seen impressive growth, with its HNWI population expanding rapidly due to the country’s economic dynamism and rising risk appetite, particularly in emerging markets.
In 2024, the US led the world with a 5.2% increase in its population of HNWIs. Asia closely followed, growing at a rate of 5%, while Africa saw a 4.7% rise, albeit from a smaller base. Meanwhile, the Australasia region’s HNWI population grew by 3.9%, bolstered by its strategic connections to both the Asian and North American markets.
Startups behind India’s rise
India’s remarkable progress is attributed to its thriving startup ecosystem, which has been fueled by widespread smartphone access and a growing culture of entrepreneurship. Pomeroy explains, “This has created a start-up culture that’s been a big part of the growth story in places like India and the Philippines. These entrepreneurs can then become super-wealthy, leading to a new era of high-tech enterprises, which is transforming Asia’s economic landscape.”
Interestingly, more Indian entrepreneurs are entering the scene, preferring to tap the vast domestic market as well as export potential abroad.
