India adds over 33,000 millionaires in a year: How the rich allocate money

India witnessed a significant surge in wealth in 2024, with over 33,000 new millionaires added, as per the World Wealth Report 2025 by Capgemini Research Institute. The High-Net-Worth Individual (HNWI) population grew by 5.6% to reach 3,78,810. In comparison, total HNWI wealth rose by 8.8% to Rs. 1,28,74,500 crore (US$ 1.5 trillion), positioning India among the fastest-growing wealth markets globally. The majority of new millionaires were classified as “Millionaires Next Door,” holding investable assets between Rs. 8.6 crore (US$ 1 million) and Rs. 42.9 crore (US$ 5 million). India also recorded 4,290 Ultra HNWIs—those with over Rs. 257.5 crore (US$ 30 million)—who collectively held Rs. 45,89,931 crore (US$ 534.77 billion) in wealth.
Growth was fuelled by a strong equity market (Sensex up 8.2%), domestic consumption, entrepreneurship, and rising inheritance trends, with 50% of Indian HNWIs expected to inherit wealth by 2030 and 93% by 2040. The report highlighted shifting expectations among next-gen millionaires—85% plan to change their parents’ wealth management firms in the next one or two years, demanding digital-first, personalised services. Offshore investing is also rising, driven by better advisory, stable regulations, and portfolio diversification. As of January 2025, 15% of HNWI portfolios globally were in alternative assets like private equity and crypto, with 61% of Gen Z and millennial HNWIs showing a strong appetite for such classes. While North America led global HNWI growth, India outpaced China in the Asia-Pacific. In contrast, HNWI populations in Europe, Latin America, and the Middle East declined due to economic challenges and currency depreciation.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.