In March 2025, the London-based global property consultancy firm, Knight Frank, released the 19th edition of ‘The Wealth Report 2025’, providing a comprehensive analysis of the global distribution of wealth. The report highlights the growing number of High Net-Worth Individuals (HNWIs) worldwide, with India securing the 4th position globally, boasting an estimated 85,698 HNWIs in 2024, marking a 6% increase from the previous year.
With 3.7% of the world’s wealthy population, India continues to strengthen its presence among the top wealth-generating nations. The United States of America (USA) remains the leader with 905,413 HNWIs, followed by China (471,634 HNWIs) and Japan (122,119 HNWIs).
Key Global Findings from The Wealth Report 2025
The Growth of High Net-Worth Individuals Worldwide
The report defines HNWIs as individuals possessing at least USD 1 million in investable assets. According to the findings, the number of HNWIs increased by 4.4% globally, reaching 2,341,378 in 2024, up from 2,243,300 in 2023.
The top three regions that experienced the highest percentage growth in their HNWI populations are:
- United States – 5.2% growth
- Asia – 5% growth
- Africa – 4.7% growth
Other notable regional HNWI population growth rates:
- Australasia – 3.9% (owing to strong ties with Asian and North American markets)
- Middle East – 2.7%
- Latin America – 1.5%
- Europe – 1.4%
Top 5 Countries with the Highest Number of HNWIs in 2024
| Rank | Country | Number of HNWIs | Percentage of Global HNWIs |
|---|---|---|---|
| 1 | United States | 905,413 | 38.7% |
| 2 | China (Mainland) | 471,634 | 20.1% |
| 3 | Japan | 122,119 | 5.2% |
| 4 | India | 85,698 | 3.7% |
| 5 | Germany | 69,798 | 3.0% |
Global Billionaire Trends
- The USA dominates with the highest number of billionaires, holding a combined wealth of USD 5.7 trillion.
- China follows with USD 1.34 trillion in billionaire wealth.
- The population of Ultra-High-Net-Worth Individuals (UHNWIs)—those with assets exceeding USD 100 million—has surpassed 100,000 globally for the first time.
- The gender ratio among new billionaires is shifting: 82% of new billionaires in 2024 were male, a decline from 90% in 2020.
- Female billionaires under 30 accounted for 47% of the new entries, signaling a shift toward gender balance in wealth creation.
India’s Wealth Landscape in 2024
India’s HNWI Growth and Future Projections
India’s HNWI population is on a steady rise. The report projects that by 2028, the number of HNWIs in India will increase by 9.4%, reaching 93,753 individuals.
India’s Billionaire Status
India ranks 3rd globally in terms of billionaires, with 191 billionaires in 2024. Notably:
- 26 new billionaires joined the list in 2024, a significant rise from just 7 new billionaires in 2019.
- The billionaire population saw a 12% Year-on-Year (Y-o-Y) growth.
- The combined wealth of Indian billionaires is estimated at USD 950 billion, trailing behind the USA (USD 5.7 trillion) and China (USD 1.34 trillion).
Growth of Luxury Real Estate in India
Knight Frank’s Prime International Residential Index (PIRI), which monitors luxury residential property trends, revealed a 3.6% global increase in prime property values in 2024.
India’s luxury real estate sector also witnessed substantial changes:
- Delhi improved its ranking from 37th (2023) to 18th (2024) due to a 6.7% Y-o-Y increase in luxury residential prices.
- Bengaluru moved up from 59th to 40th place.
- Mumbai, however, dropped from 21st to 28th place in the index.
Next-Generation Wealth Trends
The Next Generation Survey – A New Perspective on Wealth
For the first time, Knight Frank conducted a global survey of young HNWIs aged 18 to 35 with an annual income exceeding USD 125,000. The survey provided insights into their luxury investment preferences:
- High-end Real Estate – 29.8% of young HNWIs preferred investing in luxury properties.
- Luxury Cars – 27.8% showed interest in premium automobiles.
- Private Jets – 15.1% considered acquiring private aviation options.
Summary of The Wealth Report 2025
| Section | Details |
|---|---|
| Why in News? | The 19th edition of The Wealth Report 2025 by Knight Frank highlights global wealth distribution, with India ranking 4th in HNWI population. |
| India’s HNWI Ranking (2024) | India ranks 4th globally with 85,698 HNWIs, marking a 6% YoY increase. |
| Global HNWI Growth | – Total HNWIs worldwide: 2,341,378 (4.4% increase from 2023). – Top 3 regions with highest HNWI growth: 1. USA – 5.2% growth 2. Asia – 5% growth 3. Africa – 4.7% growth |
| Top 5 Countries by HNWI Population (2024) | 1. USA – 905,413 (38.7%) 2. China – 471,634 (20.1%) 3. Japan – 122,119 (5.2%) 4. India – 85,698 (3.7%) 5. Germany – 69,798 (3.0%) |
| Global Billionaire Trends | – USA leads with a combined billionaire wealth of USD 5.7 trillion. – China follows with USD 1.34 trillion. – UHNWIs (assets > USD 100 million) exceed 100,000 globally. – Gender shift in new billionaires: 82% male (down from 90% in 2020); 47% of female billionaires under 30. |
| India’s Billionaire Growth (2024) | – India ranks 3rd globally with 191 billionaires. – 26 new billionaires in 2024 (up from 7 in 2019). – 12% YoY growth in billionaire population. – Total billionaire wealth: USD 950 billion. |
| Future Projections (India) | – HNWI population in 2028: 93,753 (9.4% increase from 2024). |
| Luxury Real Estate Trends (India) | – Delhi: 6.7% YoY increase in luxury residential prices (Rank: 18th in PIRI from 37th in 2023). – Bengaluru: Moved up to 40th from 59th. – Mumbai: Dropped from 21st to 28th. |
| Next-Gen Wealth Preferences | – High-end Real Estate – 29.8% – Luxury Cars – 27.8% – Private Jets – 15.1% |
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