Rise of HNIs, UHNIs in 2024 paints a picture of opportunity, influence & ambition

India is witnessing a transformative era of wealth creation.

- Dr. Prashant Thakur

From bustling metros to emerging Tier-II cities, the nation's affluent population is expanding at a pace that is capturing global attention.

A dynamic mix of young entrepreneurs, tech pioneers, and seasoned industrialists drives this change.

The rise of high-net-worth individuals (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 paints a fascinating picture of opportunity, influence, and ambition.

Wealth Growth and Global Standing India's wealthy denizens are not just growing in number but also in global significance.

(1) Global ranking: India ranks 6th globally in UHNI population and 3rd in Asia, trailing only China and Japan.

(2) Population surge: The country's UHNI count reached 13,600 in 2024, marking a 6 per cent annual growth. This population is projected to soar by 50 per cent by 2028, far outpacing the global growth average of 30 per cent.

(3) 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 per cent of these millionaires are under 40, signaling the growing influence of young wealth creators.

Where the Wealth Comes From The engines of wealth creation in India are diverse, spanning traditional industries and emerging sectors:

Tech and start-ups: Nearly 30 per cent of new HNIs owe their fortunes to technology, fintech, and start-ups.