The Rise of Indian HNIs and UHNIs in 2024

Arushi Sakhuja 

In the global arena, India is witnessing a transformative surge of high-net-income-individuals (HNIs, or people with investable assets of at least $1 million) and ultra-high-net-worth individuals (UHNIs, or those with assets worth above $30 million). With its booming economy in the spotlight, from bustling metros to emerging Tier-II cities, the nation’s affluent population is expanding at a pace that is capturing global attention. The ones who are driving the change? Young entrepreneurs, tech pioneers, and seasoned industrialists. In a nutshell, the fast-growing pace paints a fascinating picture of opportunity, influence, and ambition. According to Dr. Prashant Thakur, Regional Director & Head – Research, ANAROCK, “The global economic landscape is witnessing a shift towards Asia, with India emerging as a key player.”

Key Statistics For India’s HNI

India now ranks sixth globally in UHNI population and third in Asia, trailing only China and Japan. By 2024, the nation’s UHNI count had reached 13,600, marking an annual growth rate of 6%. This figure is expected to rise by 50% by 2028, outpacing the global average growth of 30%. The HNI population is also on a fast track, expected to double to 1.65 million by 2027. Interestingly, one in five Indian millionaires is under the age of 40, highlighting the role of young entrepreneurs and innovators being the key change makers.

But, one may ask – Where is the wealth coming from? What are the key avenues? “The creation of wealth in India comes from a mix of traditional industries and new-age sectors. Technology and start-ups are key contributors, with nearly 30% of new HNIs earning their fortunes in tech-driven industries. Manufacturing continues to play a vital role, bolstered by initiatives like ‘Make-in-India.’ Real estate, particularly in luxury and commercial spaces, is another significant contributor,” highlights Thakur. The country’s stock markets have also been a major driver of wealth, growing at a steady pace and enriching many investors.

The Cornerstone of Wealth & Spending Pattern 

The wealthy in India are diversifying their portfolios to reflect both ambition and caution. India’s wealthy are making strategic shifts in their investment choices. A significant 32% of their wealth is directed toward real estate, while 20% goes into private equity and start-ups, focusing on emerging sectors like AI, blockchain, and cleantech. Despite regulatory uncertainties, 8% have ventured into cryptocurrencies. Additionally, nearly a quarter of Indian UHNIs are investing abroad, with North America and Europe being top choices. Over 40% have established family offices to handle wealth management, succession planning, and philanthropy.

However, for India’s affluent, real estate remains a key area of investment. According to Dr. Thakur, “The growing focus on ESG-compliant and green real estate reflects a broader shift towards responsible wealth allocation among India’s affluent” Luxury homes have seen a sharp rise in demand, with cities like Mumbai, Delhi, and Bengaluru leading the way. There has also been a rise of second homes and holiday homes in places like Goa, Alibaug, Himachal Pradesh and Jaipur. Finally, for the ultra HNIs and UHNIs, International property investments are also on the rise, with destinations like Dubai, London, and Singapore being the top choices.

Further, India’s affluent are shaping trends in luxury consumption. In 2024, reports according to Anarock suggest that more than 37% of Indian HNIs purchased a high-end vehicle, driving record sales for brands like Lamborghini, Porsche, and Rolls Royce. Travel has also emerged as a significant expense, with UHNIs spending an average of INR 6 crore ($720,000) annually on bespoke vacations, luxury cruises, and curated experiences. And, India is the 5th largest market for luxury watches and bespoke jewellery, with a surge in demand for pieces from Cartier, Patek Philippe, and Indian heritage brands.

Emerging trends highlight a new wave of millennial wealth creators, with over 15% of India’s HNIs under 30, driven by start-up success and tech ventures. This figure is expected to grow to 25% by 2030, reshaping how wealth is created and utilized. Many UHNIs are also securing alternate citizenships in countries like Portugal, Malta, and the UAE, seeking global mobility and tax advantages. Investments in health and wellness are gaining traction, with affluent families prioritizing wellness-focused real estate, personalized healthcare, and luxury wellness retreats, reflecting a shift toward holistic living.

The Road Ahead

India’s wealthy are making a significant impact on the global stage. In 2024, the population of ultra-high-net-worth individuals (UHNWIs) in India grew by 6%, compared to just 2% in China, highlighting India’s growing economic importance. Philanthropy is also on the rise, with Indian UHNWIs donating over ₹60,000 crore ($7.2 billion) last year to causes like education, healthcare, and sustainability. The luxury market is evolving too, with a 12% growth in 2024, prompting global brands to customize their offerings for Indian preferences, from bespoke couture to unique experiences.

Beyond wealth, India’s affluent are driving economic transformation through philanthropy, innovative investments, and reshaping markets. With a new generation of wealth creators, a thriving tech sector, and increasing global influence, India’s path to becoming a global wealth leader is only beginning.