New Delhi: The number of ultra-high net worth individuals (UHNI) in the country will reach 13,600 in 2024, growing at an annual rate of 6%, and is expected to surge by 50% by 2028, far exceeding the global average of 30%, a report on Thursday said The report shows.
Anarock Group reports that while India’s ultra-high net worth population will grow by 6% by 2024, China’s growth rate is only 2%, indicating India’s rising economic status.
India ranks sixth in the world in terms of ultra-high net worth population and third in Asia, after China and Japan.
Approximately 10% of ultra-high net worth individuals will receive alternative citizenship in 2024, which will benefit global mobility and tax benefits in Portugal, Malta and the United Arab Emirates.
“About 14% of ultra-high net worth individuals own properties overseas, with Dubai, London and Singapore being the main hot spots. By 2024, the average investment in international real estate will exceed 120 million rupees ($1.44 million).
In addition, nearly 25% of India’s ultra-high net worth individuals are diversifying overseas, prioritizing assets in North America and Europe. More than 40% of ultra-high net worth individuals have set up family offices to manage wealth, succession planning and philanthropy.
India’s ultra-high net worth individuals spend an average of 60 million rupees ($720,000) annually on customized vacations, luxury cruises and curated experiences.
The report mentioned: “Indian ultra-high net worth individuals donated more than 600 billion rupees ($7.2 billion) in 2024, prioritizing education, healthcare and sustainable development.”
Furthermore, India is home to more than 850,000 high-net-worth individuals (HNIs) and this number is expected to double to 1.65 million by 2027, according to Anarock Group.
“Interestingly, 20% of these millionaires are under the age of 40, which shows the growing influence of young wealth creators,” said Dr. Prashant Thakur, Regional Director and Head of Research, ANAROCK Group.
More than 37% of India’s high-net-worth individuals purchased high-end cars in 2024, driving record sales of brands such as Lamborghini, Porsche and Rolls-Royce.
Driven by new unicorns, IPOs and technology-driven companies, more than 15% of India’s high net worth individuals are under the age of 30. According to the report, this number is expected to rise to 25% by 2030 as young entrepreneurs redefine wealth creation.