Secrets of India’s Wealth Boom: How 378,810 Millionaires Are Amassing $1.5 Trillion!

Image Source: The Indian Express

India has witnessed a remarkable surge in its high-net-worth individual (HNWI) population, with 378,810 millionaires now collectively holding $1.5 trillion in wealth. This 8.8% increase in HNWI wealth in 2024 underscores the country’s growing economic strength and investment potential.

Key Highlights:

Rising Wealth: India’s millionaire count has expanded significantly, reflecting strong stock market performance and optimism around AI-driven investments.
Ultra-Rich Segment: The country now has 4,290 ultra-high-net-worth individuals (UHNWIs), commanding a combined wealth of $534.77 billion.
Next-Gen Wealth Shift: A striking 85% of young HNWIs plan to switch from their parents’ wealth management firms within 1-2 years, citing outdated digital tools and service limitations.
Offshore Investment Surge: By 2030, 98% of next-gen HNWIs aim to increase their offshore assets by over 10%, driven by better investment options, superior wealth management services, and favorable tax regulations.
Alternative Investments: Private equity and cryptocurrencies now make up 15% of HNWI portfolios, signaling a shift toward diversified asset classes.

This surge in millionaire wealth highlights India’s evolving financial landscape, with next-gen investors reshaping traditional wealth management strategies. As the country continues to thrive, global markets are closely watching its economic trajectory.

Sources: MSN, Mathrubhumi.