India's Billionaire Class Grows 12% In 2024: Knight Frank Report

The total number of billionaires in India reached 191 in 2024, marking a 12% year-on-year growth, according to a report by Knight Frank.

The global property consultant released its ‘The Wealth Report 2025' on March 5. In 2024, India had 85,698 high-net-worth individuals or HNWIs — those with assets exceeding $10 million — up from 80,686 in the previous year. The report also forecasts such HNWIs to grow by 9.4% to 93,753 by 2028.

In 2024 alone, India's ultra-rich population grew by 6% YoY, representing 3.7% of the world's wealthy individuals. The country ranks fourth globally, following the United States (9,05,413 HNWIs), China (4,71,634 HNWIs), and Japan (1,22,119 HNWIs).

With 26 new billionaires added in 2024, India's total billionaire count has grown to 191, a significant jump from just seven new additions in 2019. The combined wealth of Indian billionaires is now estimated at $950 billion, placing India third globally, after the US ($5.7 trillion) and China ($1.34 trillion).

Luxury Assets Demand

India's next-generation HNWIs — those aged 18 to 35 and earning over $1,25,000 annually — are prioritising luxury investments. The 'Next Generation Survey' in Knight Frank's report reveals that 46.5% aspire to own a luxury car, making it the most preferred luxury asset. High-end real estate follows closely, with 25.7% expressing a desire to own a luxury home. Other preferred investments in premium assets include art collections (11.9%), private jets (9.9%), and superyachts (4%).

Luxury Property Rankings

The Prime International Residential Index, part of the Knight Frank report, tracks luxury residential property trends. It recorded a 3.6% increase in prime property values globally in 2024.

Among Indian cities, Delhi surged from 37th to 18th place, with luxury home prices rising 6.7% YoY, while Bengaluru moved up from 59th to 40th place. On the other hand, Mumbai slipped to 21st position from 8th spot.

Luxury Collectibles

The Knight Frank Luxury Investment Index, also part of the report, tracks the performance of 10 passion-driven asset classes. It fell 3.3% in 2024, marking its second consecutive year of decline. Despite financial markets soaring, the luxury collectibles segment struggled to attract more investments.

Among luxury assets, handbags emerged as the top performer, with prices rising 2.8%. Classic cars followed with a modest 1.2% gain.

In contrast, fine art, wine and whisky faced steep declines. The art market plunged 18.3%, reversing its double-digit growth from 2023. Fine wine dropped 9.1%, hit by shifting consumption trends, the report showed.