The number of wealthy individuals in India, who have a net worth of $10 million or more, grew by 6% in 2024, reaching 85,698. This information comes from the wealth report by real estate consultancy firm Knight Frank, released on March 5.
The report also stated that the number of billionaires in India increased by 12% in the same period, reaching a total of 191.
According to a report by Knight Frank, the number of high-net-worth individuals (HNWIs) in India is expected to grow to 93,758 by 2028.
The report also revealed that the total wealth of billionaires in India stood at $950 billion at the end of 2024. This makes India the third richest country in terms of billionaire wealth. The United States ranked first with $5.7 trillion, followed by Mainland China with $1.34 trillion.
Knight Frank highlighted that while the US remains the wealthiest nation, new centers of wealth are emerging, especially in China, due to its strong manufacturing sector.
Liam Bailey, Global Head of Research at Knight Frank, explained that although the global economy slowed down in 2024, the US economy remained strong, boosting investor confidence. Growth in stock markets, bitcoin, and global trade also played a role in increasing wealth, despite geopolitical tensions.
As India’s wealth continues to grow, more wealthy individuals and family offices are investing in luxury real estate. However, experts note that the pace of sales growth has slowed down recently.
According to Knight Frank’s Prime International Residential Index (PIRI), luxury home prices worldwide increased by 3.6% on average in 2024. In India, the luxury housing market also saw a price increase.
- Mumbai, India’s biggest real estate market, saw luxury home prices rise by 6.1% in 2024. However, despite the increase, its global ranking for price growth dropped.
- Delhi experienced a higher increase of 6.7%, mainly due to the launch of new luxury housing projects.
- Bengaluru recorded a 4.1% rise in luxury home prices.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, said this growth highlights the increasing demand for high-end real estate. He added that factors like infrastructure expansion, economic growth, and rising demand are driving this trend. Even though Mumbai’s ranking declined, its luxury property prices have gone up by 30% in the last decade, keeping pace with the 27% depreciation of the Indian rupees.
