By Business Desk | June 11, 2025
In a significant update to the global economic landscape, the Knight Frank Global Wealth Report 2025 has unveiled the list of countries with the highest number of wealthy individuals. The report provides deep insights into where the world’s High Net-Worth Individuals (HNWIs) and billionaires reside — and India has emerged as a surprising frontrunner.
India now ranks 4th among the world's wealthiest nations in terms of its HNWI population — individuals with net assets of over $1 million. The report states that India is home to 3.5 lakh (350,000) millionaires, showing a strong upward trend in wealth creation despite global economic headwinds.
The surge is largely attributed to robust growth in sectors such as technology, pharmaceuticals, financial services, and consumer goods. In particular, the rise in startup success stories and expanding business conglomerates has played a pivotal role in boosting India’s high-net-worth population.
According to Knight Frank, the top five countries hosting the most millionaires are:
United States – Over 5.5 million HNWIs
China – Approximately 9.5 lakh (950,000) HNWIs
Germany – Close to 9 lakh (900,000) HNWIs
India – 3.5 lakh (350,000) HNWIs
United Kingdom – Slightly below India, though exact numbers were not specified
India’s billionaire count has also risen notably. The report reveals that India is now home to 161 billionaires, placing it among the global elite nations with the highest number of ultra-rich individuals. This growth has helped boost India's image as a rising global economic powerhouse.
Knight Frank's report highlights Mumbai and Delhi as the primary urban centres driving wealth accumulation in India. These cities are not only home to a significant number of HNWIs but also attract global investments and luxury developments, making them wealth magnets in Asia.
The report forecasts that India’s HNWI population will grow by over 50% by 2030, fueled by digital innovation, a strong middle class, and policy reforms aimed at business growth.
While income inequality remains a pressing issue, the Knight Frank study suggests that India is poised to become one of the top three nations globally for wealth generation in the next decade.
