In March 2025, London (the United Kingdom, UK)-based global property consultant firm Knight Frank released the 19th edition of ‘The Wealth Report 2025’. As per the report, India ranked at 4th position globally with estimated 85,698 High Net-Worth Individuals (HNWIs) in 2024, marking an increase of 6% compared to 80,686 HNWIs in 2024.
- With this, India is home to 3.7% of the wealthy individuals globally.
- The United States of America (USA) with 905,413 HNWIs, again emerged as the world’s primary wealth creator in 2024, with approximately 40% of global HNWIs residing in the country. It is followed by China (471,634 HNWIs), and Japan (122,119 HNWIs).
Key Findings of the Report:
i.The report revealed that the number of HNWIs (defined as individuals with minimum USD 1 million in investable assets) has increased by 4.4% globally to 2,341,378 (in 2024) from 2,243,300 (in 2023).
ii.Top 3 regions which saw the highest percentage increase in its population of HNWIs: the USA (5.2%); Asia (5%) and Africa (4.7%).
- Meanwhile, the HNWI population of the Australasia region has increased by 3.9%, strengthened by its strategic connections to both the Asian and North American markets, followed by the Middle-East (2.7%), Latin America (1.5%), and Europe (1.4%).
iii.Other top countries with HNWIs: Canada (64,988); the United Kingdom (UK) (55,667); France (51,254); and Australia (42,789).
iii.USA has topped in terms of highest number of billionaires globally, with combined wealth amounting to USD 5.7 trillion, followed by Mainland China with USD 1.34 trillion.
iv.The population of Ultra-High-Net-Worth Individuals (UHNWIs), those with assets exceeding USD100 million, surpassed 100,000 for the first time.
In 2024, over 82% of new billionaires were male, down from 90% four years ago. Of the billionaires under 30, nearly 47% were female last year, potentially pointing the way to a more balanced future.
Top 5 Countries with highest number of HNWIs in 2024:
| Rank | Name of the Country | Number of HNWIs | Percentage increase |
|---|---|---|---|
| 1 | The United States of America (USA) | 905,413 | 38.7% |
| 2 | Chinese Mainland | 471,634 | 20.1% |
| 3 | Japan | 122,119 | 5.2% |
| 4 | India | 85,698 | 3.7% |
| 5 | Germany | 69,798 | 3.0% |
Other Key Findings:
i.The report has conducted a separate Next Generation Survey which is a 1st-of-its-kind global survey of individuals in the age group of 18 to 35 years and income of more than USD 125,000.
- As per the report, 29.8% of next-generation HNWIs showed preference for high-end Real Estate, followed by luxury cars (27.8%) and private jets (15.1%).
ii.The Prime International Residential Index (PIRI), part of Knight Frank’s report, monitors luxury residential property trends. The index registered a 3.6% increase in prime property values globally in 2024.
India Specific:
i.The report has projected that the population of India’s HNWIs will increase by 9.4% i.e. to 93,753 HNWIs by 2028.
ii.India ranked at 3rd position globally with 191 Indian billionaires in 2024, of which 26 joined the list of billionaires last year (up from just 7 in 2019).
- The report highlighted that the country’s billionaire population witnessed 12% Year-on-Year (Y-o-Y) growth in 2024 compared to previous year.
- Also, the cumulative wealth of these Indian billionaires is estimated at USD 950 billion, ranked third globally, behind the USA (USD5.7 trillion) and Mainland China (USD1.34 trillion).
iii.As Knight Frank’s PIRI, Delhi has significantly improved its rankings, from 37th (in 2023) to 18th (in 2024). This growth is mainly attributed by a 6.7% Y-o-Y growth in luxury residential prices.
- Similarly, Bengaluru (Karnataka) has witnessed improvement in its ranking from 59th spot to 40th spot.
- While, the ranking of Mumbai (Maharashtra) dropped from 21st position to 8th position in the index.
About Knight Frank:
Senior Partner & Group Chair– William Beardmore Gray
Chairman & Managing Director (CMD), India- Shishir Baijal
Headquarters- London, the United Kingdom (UK)
Established- 1896
