India ranks third among billionaires.

India Ranks Third Among Billionaires

New Delhi: The number of millionaires in the country continues to rise. According to a report released on Wednesday by global property consultancy firm ‘Knight Frank,’ the number of millionaires in India has increased by 6% compared to last year. The report states that the total number of millionaires in the country has reached 85,698. Millionaires are those who possess wealth exceeding ten million dollars (approximately ₹87 crore). While it is often assumed that billionaires are predominantly in Western countries, the Knight Frank report reveals that India ranks in the top 3 countries in terms of wealth. Those with wealth greater than ₹8,500 crore are referred to as billionaires. The global wealth of all billionaires combined has reached a staggering ₹1,275 lakh crore.

India’s Position Among Billionaires

Mumbai Leads the Way, Delhi Follows in Second

Mumbai, with 396 billionaires, holds the top position in India, followed by Delhi with 217 billionaires in second place. Hyderabad ranks third with 104 billionaires, according to the Hurun India Rich List 2024. Overall, the report states that Telangana has 109 billionaires, and Andhra Pradesh has 9.

The Richest Families in India

• Ambani Family: ₹10.09 lakh crore
• Mistry Family: ₹3.25 lakh crore
• Jindal Family: ₹2.43 lakh crore
• Birla Family: ₹1.99 lakh crore

India Ranks Fourth in Terms of HNWIs

India ranks fourth in the world in terms of High Net-Worth Individuals (HNWIs). The USA (905,413 individuals) holds the top position, followed by China (471,634) and Japan (122,119) in the first three spots. Internationally, India accounts for 3.7% of the global HNWI population. According to Knight Frank India CMD Shishir Baijal, “Entrepreneurship and new industries are driving an extraordinary growth in the number of HNWIs in India. The country’s increasing wealth indicates long-term growth opportunities and the ability to withstand economic challenges.”

Investment Trends Among the Wealthy

The investment trends of the wealthy are shifting from real estate to global equities. According to Knight Frank’s Luxury Investment Index (KFLII), last year, only five assets saw a demand. The index evaluates the preferences of the wealthy in terms of luxury collectibles. The report shows that the prices of luxury handbags rose by 2.8%, jewelry by 2.3%, coins by 2.1%, watches by 1.7%, and classic cars by 1.2%. However, the prices of art, a major luxury investment asset, dropped by 18.3%.

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