India witnessed an 8.8% rise in high-net-worth individual (HNWI) wealth in 2024, with the number of millionaires climbing to 378,810, collectively holding $1.5 trillion in assets, according to Capgemini's World Wealth Report 2025 released Wednesday.
The report also revealed that India had 333,340 "millionaires next door" — individuals with slightly lower net worth — with a combined wealth of $628.93 billion, and 4,290 ultra-HNWIs, owning $534.77 billion.
Significantly, 85% of next-gen Indian HNWIs plan to switch their wealth management (WM) firms within one to two years, compared to 81% globally. Among their reasons: lack of services on preferred channels (51%) and poor digital tools (41%).
Looking ahead, 98% of India's next-gen HNWIs intend to increase offshore assets by over 10% by 2030, driven by access to better wealth management services (65%), investment options (55%), and market connectivity (54%).
Globally, the HNWI population grew by 2.6% in 2024, bolstered by a 6.2% rise in ultra-HNWI numbers amid strong stock markets and AI-driven optimism.
Alternative investments such as private equity and cryptocurrencies now make up 15% of HNWI portfolios worldwide.
"The great wealth transfer will be a defining moment," said Kartik Ramakrishnan, CEO of Capgemini's Financial Services Strategic Business Unit. "Firms must equip advisors with strong digital and AI-powered tools to meet the evolving needs of younger, digitally native clients."
