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.
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.
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