The Knight Frank Wealth Report 2025 reveals a 6% increase in high-net-worth individuals (HNWI) in India in 2024, with projections showing continued growth. The number of Indians with assets over $10 million rose from 80,068 to 85,698 last year, and is expected to reach 93,753 by 2028. Additionally, 26 new billionaires emerged in India in 2024, contributing to a total of 191 billionaires. The report highlights India’s strong economic growth, rising investment opportunities, and expanding luxury market, positioning the country as a significant player in global wealth creation.
India’s Wealth Divide: A Growing Elite Amid Widening Economic Disparities
However, the Indus Valley report paints a more complex picture of India’s economic disparity. It divides the country into three segments: India 1, representing the top 10% with economic prosperity similar to Mexico; India 2, the middle class resembling Indonesia; and India 3, which mirrors Sub-Saharan Africa, representing the impoverished majority. This report underscores that wealth creation and economic prosperity are confined to a small elite, with the majority of the population in India 3 lacking job security and access to basic benefits.
While India has emerged as a global wealth hub, with 3.7% of the world’s wealthy individuals, the distribution of wealth remains starkly unequal. India’s combined wealth of $950 billion among its billionaires places it just below the US and China, but the majority of the population continues to face severe economic challenges, with significant disparities in income and living standards. If divided into separate nations, India 1 would rank 10th globally in population, but the rest of India would rank much lower in terms of per capita income.
