How Many Millionaires Are There in India?
Explore the evolving landscape of affluence in India. Understand the dynamics shaping its millionaire population and their assets.
A millionaire is defined as an individual possessing net investable assets of USD 1 million or more, excluding their primary residence. This financial benchmark signifies accumulated wealth rather than annual income. This article examines India’s current millionaire population, recent wealth accumulation trends, and the typical composition of their assets.
Current Millionaire Population in India
India’s millionaire population has shown significant growth, reflecting the nation’s economic advancements. According to the World Wealth Report 2025 by Capgemini Research Institute, India concluded 2024 with 378,810 High-Net-Worth Individuals (HNWIs). This figure represents a notable increase from approximately 345,000 individuals in the previous year. Similarly, the Henley Private Wealth Migration Report 2024 identifies India as home to 326,400 HNWIs. These figures underscore India’s growing cohort of affluent individuals, placing it among the leading nations in wealth creation.
Recent Trends in Wealth Accumulation
The wealth landscape in India has shown a significant upward trend in recent years. In 2024, India witnessed the addition of over 33,000 new millionaires, marking a 5.6% rise in the HNWI population. This growth has contributed to an 8.8% increase in the total wealth held by HNWIs, reaching an estimated $1.5 trillion in 2024. Looking ahead, the millionaire population in India is projected to grow by over 55% between 2024 and 2029, a rate more than double the global average.
This growth trajectory is underpinned by various economic factors. India’s strong economic performance and market conditions have provided fertile ground for wealth creation. The expansion of entrepreneurial activities and the maturation of digital infrastructure have played a significant role, fostering new investment opportunities. While some millionaires do relocate from India, the country consistently produces a greater number of new HNWIs than those who emigrate.
Composition of Wealth in India
The wealth held by Indian millionaires is diversified across various asset classes. Real estate constitutes a significant portion of their portfolios, with approximately 32% of the wealth of Ultra-High-Net-Worth Individuals (those with over $30 million) allocated to residential property. Property ownership is a symbol of financial stability and status within the country. Beyond real estate, financial assets such as equities, bonds, and bank deposits form a substantial part of their wealth, representing about 70% of their total financial wealth.
Geographically, wealth concentration is most evident in major urban centers. Cities like Mumbai, Delhi, and Bengaluru serve as primary hubs for millionaires, with Mumbai having the highest concentration. Other emerging cities, such as Hyderabad and Pune, are becoming centers of wealth creation. This accumulation is linked to the strong performance of key sectors, including fintech, e-commerce, manufacturing, technology, and financial services, which have generated wealth for entrepreneurs and business owners.