India's high-net-worth individual (HNWI) population expanded 3 per cent year-on-year in 2025 to nearly 3.9 lakh individuals, while their combined financial wealth rose 4.6 per cent to approximately $1.64 trillion, according to a new report released on Thursday. The findings, from the Capgemini Research Institute, point to a steady, if unspectacular, expansion of India's affluent base against the backdrop of a broader Asia-Pacific wealth surge.

Key Findings on India

The report flagged evolving investor preferences in India, with a sharper focus on personalisation, alternative investments, and AI-enabled wealth management experiences. India's HNWI population grew by 11,300 individuals over the year — modest relative to peers in the region but consistent with a maturing wealth market.

Economic momentum provided the underlying tailwind, with India's GDP expanding 7.6 per cent in 2025, supported by manufacturing and services activity, the report noted.

Asia-Pacific Leads Global Wealth Surge

Globally, HNWI wealth climbed 8.7 per cent in 2025 to a record $98.3 trillion — the largest single-year increase since 2018. The global millionaire population swelled by nearly 2 million to 25.3 million individuals, lifted by robust equity markets and easing inflation.

Asia-Pacific led regional gains, posting 10.5 per cent wealth growth and a 9.4 per cent rise in HNWI population. Japan and China were the standout performers, adding 436,000 and 154,000 new millionaires, respectively. Australia added 18,100 HNWIs over the same period.

How North America Compares

North America's HNWI population rose 9.1 per cent, led by the United States, which added 736,000 new millionaires — more than any other country worldwide. The US HNWI base expanded 9.2 per cent to 8.7 million individuals.

Where the Wealth Sat

Wealth remained heavily concentrated at the very top: the top 1 per cent of HNWIs held 34.8 per cent of total HNWI wealth, with ultra-high-net-worth individuals capturing the largest share of gains given their exposure to a wider range of public and select private asset classes.

Equity markets, fuelled by AI-related rallies, were the primary engine of wealth creation across five of six major regions in 2025. Equity allocations rose to 25 per cent of HNWI portfolios as of January 2026 — a three-percentage-point increase from a year earlier — on the back of strong corporate earnings and technology sector gains. Fixed income holdings expanded to 20 per cent, up two percentage points, as bond markets delivered their strongest returns since 2020.

What's Next

With AI-led equity rallies driving allocation shifts and Indian investors gravitating toward alternatives and personalised digital advisory, wealth managers operating in the country face a competitive recalibration. The next leg of growth, the report suggests, will hinge on how quickly firms scale AI-enabled advisory and broaden access to private asset classes for India's expanding affluent cohort.