India has emerged as a leading global wealth hub, with a current population of 85,698 High Net-Worth Individuals (HNWIs), a recent report has said.

With this, India is now placed fourth globally, behind only the US, China, and Japan.

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According to the latest Global Wealth Report by property consulting firm Knight Frank, the number of HNWIs rose by 4.4 per cent globally in 2024, reaching over 2.3 million people.

HNWIs are defined as those individuals with at least USD 1 million in investable assets.

Notably, the population of ultra-high-net-worth individuals (UHNWIs), those with assets exceeding USD 100 million, surpassed 100,000 for the first time, reflecting a broader trend of growing wealth across the world.

Notably, the USA continues to dominate as the world’s primary wealth creator, with nearly 40 per cent of global HNWIs residing in the US. China holds 20 per cent, and Japan accounts for just over 5 per cent.

Despite this dominance, India has seen impressive growth, with its HNWI population expanding rapidly due to the country’s economic dynamism and rising risk appetite, particularly in emerging markets.

India’s remarkable progress is attributed to its thriving startup ecosystem, which has been fueled by widespread smartphone access and a growing culture of entrepreneurship.

India’s wealth surge is also evident in its rapidly expanding billionaire population; in the past year alone, India saw a 12 per cent increase in its number of billionaires, bringing the total to 191.

Reportedly, 26 of these billionaires were created in the last year, up from just seven in 2019.

This explosive growth has helped India secure its place as a rising wealth hub alongside other emerging economies like France, Brazil, and Russia, which have also experienced significant gains in billionaire numbers.

Notably, in 2024, the US led the world with a 5.2 per cent increase in its population of HNWIs.

Asia closely followed, growing at a rate of 5 per cent, while Africa saw a 4.7 per cent rise, albeit from a smaller base. Meanwhile, the Australasia region’s HNWI population grew by 3.9 per cent, bolstered by its strategic connections to both the Asian and North American markets.