India ranks third among billionaires.
India has seen a rise in millionaires and billionaires, with a 6% increase in millionaire numbers. Mumbai, Delhi, and Hyderabad lead the list of cities with the most wealthy individuals. India's growing wealth highlights a rise in high-net-worth individuals (HNWIs) across various sectors, including real estate and global equities.
New Delhi: The number of millionaires in the country is continuously increasing. According to a report released on Wednesday by global property consultancy firm Knight Frank, the number of millionaires in the country has increased by 6% compared to last year. The report reveals that the total number of millionaires in the country has reached 85,698. Millionaires are those who possess wealth greater than ten million dollars (₹87 crore). While one might think that billionaires are mostly found in Western countries, the Knight Frank report reveals that India is in the top-3 list of countries with the highest number of wealthy individuals. Billionaires are those who possess wealth greater than ₹8,500 crore. The total wealth of billionaires worldwide has reached ₹1,275 trillion. For more updates, visit Vaartha Business.
Among Indian cities, Mumbai holds the top spot with 396 billionaires, followed by Delhi with 217 billionaires. Hyderabad, with 104 wealthy individuals, secured the third spot, as per the Hurun India Rich List 2024. The report further reveals that there are 109 wealthy individuals in Telangana and 9 in Andhra Pradesh.
India’s richest families:
- Ambani family: ₹10.09 lakh crore
- Mistry family: ₹3.25 lakh crore
- Jindal family: ₹2.43 lakh crore
- Birla family: ₹1.99 lakh crore
India ranks fourth in terms of High Net-Worth Individuals (HNWIs), with the USA (905,413 individuals) at the top, followed by China (471,634 individuals) and Japan (122,119 individuals) in the top three positions. On a global scale, 3.7% of the world’s HNWIs reside in India. Knight Frank India’s CMD, Shishir Baijal, stated, “The number of HNWIs in India is growing exceptionally due to entrepreneurship and new industries. The increasing domestic wealth indicates long-term growth opportunities and the ability to withstand economic volatility.” For detailed insights, check out Vaartha Epaper.
Investment trends of the wealthy are also shifting, from real estate to global equities. According to Knight Frank's Luxury Investment Index (KFLII), only five asset classes saw demand last year. The index evaluates the top 10 investment instruments based on the preferences of the wealthy. According to the index, the price of luxury handbags rose by 2.8%, jewelry by 2.3%, coins by 2.1%, watches by 1.7%, and classic cars by 1.2%. Art, a luxury investment asset, saw the highest drop in value, decreasing by 18.3%.
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