India Surpasses China in Ultra-High Net Worth Individual Growth for 2024
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New Delhi, Dec 19 (NationPress) The number of ultra-high net worth individuals (UHNIs) in the country has reached 13,600 in 2024, showcasing a 6 percent annual growth. This number is anticipated to surge by 50 percent by 2028, significantly surpassing the global growth average of 30 percent, according to a report released on Thursday.
While India's UHNI population experienced a 6 percent increase in 2024, China's growth was limited to just 2 percent, highlighting India's emerging economic strength, as detailed in the report by Anarock Group.
India holds the sixth position globally in terms of UHNI population and ranks third in Asia, following China and Japan.
Approximately 10 percent of UHNIs opted for alternate citizenships in 2024, with popular choices being Portugal, Malta, and the UAE due to their advantages in global mobility and taxation.
According to Prashant Thakur, Regional Director and Head, Research at Anarock Group, “About 14 percent of UHNIs possess real estate abroad, primarily in Dubai, London, and Singapore. The average investment in international properties exceeded Rs 12 crore ($1.44 million) in 2024.”
Additionally, nearly 25 percent of Indian UHNIs are looking to diversify their assets overseas, focusing on North America and Europe. More than 40 percent have set up family offices for wealth management, succession planning, and philanthropy.
On average, UHNIs in India spend Rs 6 crore ($720,000) annually on exclusive vacations, luxury cruises, and tailored experiences.
The report also indicated that Indian UHNIs contributed over Rs 60,000 crore ($7.2 billion) in donations in 2024, with a focus on education, healthcare, and sustainability.
Furthermore, India is home to more than 850,000 high net worth individuals (HNIs), with numbers expected to double to 1.65 million by 2027, as per the Anarock Group.
Interestingly, 20 percent of these millionaires are below the age of 40, indicating the rising influence of young wealth creators, according to Dr. Prashant Thakur, Regional Director and Head, Research, ANAROCK Group.
Over 37 percent of Indian HNIs purchased luxury vehicles in 2024, driving record sales for brands such as Lamborghini, Porsche, and Rolls Royce.
Moreover, more than 15 percent of India’s HNIs are under 30, driven by the emergence of start-up unicorns, IPOs, and tech-centric ventures. This figure is projected to rise to 25 percent by 2030, as younger entrepreneurs reshape the landscape of wealth creation.
