New crorepatis to double in India to 1.65 million by 2027. Here is how they earn, invest

By
Ziraat Times
-

Mumbai: The number of high net worth individuals (HNIs) in the country is likely to double to 1.65 million by 2027 from the current 850,000, according to a study by real estate consultancy firm Anarock.  The rise of HNIs or people with investable assets of at least $1 million) and ultra-high-net-worth individuals (UHNIs, or those with assets worth above $30 million) in 2024 is seen as a mark of India’s growing wealth creation.

Over 15 per cent of India’s HNIs are under 30, driven by start-up unicorns, IPOs, and tech-driven ventures, while 20 per cent of these millionaires are under 40. This number is expected to rise to 25 per cent by 2030, as younger entrepreneurs redefine wealth creation, said Anarock.

India ranks 6th globally in UHNI population and 3rd in Asia, trailing only China and Japan.

The country’s UHNI count reached 13,600 in 2024, marking a 6% annual growth. This population is projected to soar by 50% by 2028, far outpacing the global growth average of 30%.
HNIs on the rise: India is home to over 850,000 HNIs, and this is projected to double to 1.65 million by 2027. Interestingly, 20% of these millionaires are under 40.
The share of luxury homes in total sales surged to 28% in 2024, up from 16% pre-pandemic. High-end properties in Mumbai, Delhi, and Bengaluru are top picks, with Goa, Alibaug, and Jaipur emerging as favoured second-home destinations.
Approximately 14% of UHNIs own properties abroad, with Dubai, London, and Singapore as the primary hotspots. The average international property investment exceeded Rs 12 crore ($1.44 million) in 2024.
Manufacturing: The ‘Make-in-India’ push has fuelled industrial wealth, contributing 21% to the UHNI economy.
Real estate: Contributing 15%, luxury and commercial real estate have been key drivers, with urbanization and premium developments leading the charge.

Equity: The Indian stock markets caused wealth from equities to grow by 18% year-on-year, further enriching India’s affluent.

“India’s high-net-worth and ultra-high-net-worth individuals are not just symbols of wealth but also catalysts for economic transformation. From driving the luxury market to fuelling philanthropic ventures and innovative investments, they embody the aspirations of a nation on the rise. With younger wealth creators, a booming tech sector, and increasing global influence, India’s journey toward wealth dominance is just beginning,” said Dr. Prashant Thakur, Regional Director & Head – Research, ANAROCK Group.

About 10% of UHNIs secured alternate citizenships in 2024, favouring Portugal, Malta, and the UAE for their global mobility and tax benefits.

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