India HNWI Population Hits 3.9 Lakh, Wealth Reaches $1.65 Trillion in 2025

India's high-net-worth individual (HNWI) population continued to expand in 2025, with both the number of wealthy individuals and their total wealth reaching new highs. According to the Capgemini World Wealth Report 2026, India added over 11,000 millionaires during the year, supported by strong economic growth, easing inflation, and improving labour market conditions. 

India's HNWI Population Crosses 3.9 Lakh 

The number of HNWIs in India increased by 3% year-on-year to 3,90,100 in 2025, up from 3,78,800 in 2024. 

At the same time, total HNWI wealth in the country rose 4.6% to $1.645 trillion from $1.573 trillion a year earlier. The growth in wealth outpaced the increase in the HNWI population, resulting in average wealth per HNWI rising by 1.69% to approximately $4.22 million. 

Key Drivers Behind Wealth Creation 

The report highlighted India's strong economic performance as a major contributor to wealth creation during 2025. 

India's GDP growth accelerated to 7.6% in 2025 from 6.3% in 2024. Manufacturing growth stood at 11.5%, while the services sector expanded by 10.1%, supporting corporate earnings growth and business activity. 

Macroeconomic conditions also remained favourable. Inflation eased to 3.6% in February 2025 and is expected to moderate further. The government's fiscal position improved, while public expenditure is projected to increase by 7.4% to around $540 billion. Additionally, unemployment declined to 7.1% from 8% in 2024, reflecting stronger labour market conditions. 

Equity Markets and Real Estate Weighed on Wealth Growth 

Despite the overall increase in wealth, some asset classes acted as headwinds. 

The report noted that India's equity market capitalisation declined by 2.5% during 2025, limiting wealth generation from listed stocks. The real estate sector also witnessed moderation, with property growth turning negative at 0.6% compared to a 1.3% increase in 2024. 

Residential real estate activity weakened as new home sales fell 14% year-on-year, reducing the contribution of housing assets to overall wealth creation. 

Global HNWI Wealth Hits Record High 

Globally, HNWI wealth surged 8.7% in 2025 to a record $98.3 trillion, marking the strongest annual increase since 2018. The global millionaire population expanded by nearly 2 million to reach 25.3 million. 

According to Capgemini, strong equity market performance, AI-driven rallies, and easing inflation supported wealth creation across most major regions. 

Kartik Ramakrishnan, CEO of Capgemini's Financial Services Strategic Business Unit, noted that younger wealthy investors benefiting from intergenerational wealth transfers are increasingly seeking personalised advisory services, broader investment access, and AI-enabled wealth management solutions. 

Asia-Pacific Leads Global Wealth Growth 

Asia-Pacific emerged as the fastest-growing region for HNWIs in 2025, with wealth rising 10.5% and the HNWI population increasing 9.4%. 

Japan and China added 4,36,000 and 1,54,000 millionaires, respectively. India added 11,300 HNWIs during the year, while Australia saw an increase of 18,100 millionaires. 

North America followed with a 9.1% increase in HNWI population, led by the United States, which added 7,36,000 millionaires, the highest increase globally. 

Europe recorded a 6.5% rise in HNWI population, supported by easing inflation and stabilising markets. Meanwhile, the Middle East was the only region to register a decline, with its HNWI population falling 1.4% due to lower oil prices, regional conflicts, and economic pressures. 

Conclusion 

India's wealthy population continued to expand in 2025 despite softer equity market and real estate performance. Strong GDP growth, easing inflation, increased government spending, and improving employment conditions supported wealth creation, helping total HNWI wealth approach the $1.65 trillion mark. The trend underscores India's growing importance in the global wealth landscape, even as investors navigate changing market conditions. 

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