- By Aditya Pratap Singh
- Thu, 23 Apr 2026 06:00 PM (IST)
- Source:JND
India will add more than 5,000 ultra-high net worth individuals (UHNWIs) and over 100 billionaires in the next five years as their numbers will reach 313 and 25,217, respectively, by 2031, a report said on Thursday. Ultra-high Net Worth Individuals (UHNWIs) are defined as those having a net worth of USD 30 million and above. At present, India has 19,877 UHNWIs and 207 billionaires.
Mumbai accounts for 35.4 per cent of the UHNWI population in India, and India now has the sixth-largest UHNWI population in the world, according to a Knight Frank Report.
The spur in the number would be driven by wealth creation across technology, industrials and capital markets. In its 20th edition of The Wealth Report 2026, Knight Frank said that there has been a dramatic acceleration in global wealth creation despite substantial geopolitical uncertainty, concerns over rising interest rates and uneven economic performance.
"India's UHNWI population is forecast to rise from 19,877 today to 25,217 by 2031, underscoring its growing role in the global wealth landscape. This reflects extraordinary wealth creation across technology, industrials and capital markets," the consultant said.
Billionaires Numbers Increase By 58 Per Cent
Knight Frank said the number of billionaires in India has increased by 58 per cent over the past five years to 207 by 2026, making it the third-largest country in the world after the US (914) and China (485).
The country's millionaire population is projected to increase by 51 per cent from 207 in early 2026 to 313 by 2031. Globally, the UHNWI population is expected to grow from 551,435 in 2021 to 713,626 in 2026.
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"The expansion of India's wealth club mirrors its economic evolution as it becomes a more entrepreneurial economy maturing into one with deeper capital pools, more sophisticated financial markets and a growing cohort of globally connected founders and investors," said Shishir Baijal, International Partner, Chairman & Managing Director, Knight Frank India.
Digitalisation, listed equities, private capital and family-owned businesses all play a role, Baijal added.
(With Input From PTI)