Indian High Net Worth Population Experiences 3% Annual Growth, Total Assets Reach $1.65 Trillion in 2025, According to Capgemini Wealth Report

Wealth of India's High-Net-Worth Individuals Continues to Grow

Despite a weak stock market performance and subdued real estate activities, India's wealthy population and their wealth continued to grow in 2025. The number of high-net-worth individuals (HNWIs) in India has recorded a 3 percent growth year-on-year, from 378,800 in 2024 to 390,100 in 2025, according to the Capgemini World Wealth Report 2026.

This growth in HNWI population has led to an increase in wealth concentration among wealthy people in India, with a 4.6 percent growth in wealth from $1.573 trillion in 2024 to $1.645 trillion in 2025. As a result, the average wealth per HNWI was up 1.69 percent to $4.22 million in 2025.

The report highlights strong economic drivers as key factors behind growth in HNWI wealth creation in India. The country's GDP growth rose to 7.6 percent in 2025 from 6.3 percent in 2024, led by growth in the manufacturing sector at 11.5 percent, alongside the services sector that recorded 10.1 percent growth. This growth in the manufacturing sector has likely translated into higher corporate earnings.

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Other macroeconomic conditions also remained supportive in 2025, with inflation easing to 3.6 percent in February and expected to moderate further in FY26. The government's fiscal position improved, while public expenditure is set to rise 7.4 percent to about $540 billion. Labour market conditions also strengthened, with unemployment falling to 7.1 percent from 8 percent in 2024.

However, weaker equity returns and declining housing activity prevented wealth generation from listed stocks and residential property. The report notes that while equity markets' capitalisation declined 2.5 percent in 2025, the real estate sector also softened, with growth in property turning negative at -0.6 percent compared with a 1.3 percent increase in 2024, and new home sales slid 14 percent year-on-year.

Globally, the report indicates an 8.7 percent increase in HNWI's wealth in 2025, surging to a record $98.3 trillion, which is the largest single-year increase since 2018. The global millionaire population grew by nearly 2 million, reaching 25.3 million in 2025.

The report also highlights the growth of HNWI population in different regions. Asia-Pacific emerged as the strongest-performing region, with HNWI wealth and population growing by 10.5 percent and 9.4 percent, respectively, supported by strong semiconductor-driven stock market gains. Japan and China added 436,000 and 154,000 millionaires, while India and Australia also recorded notable increases by 11,300 and 18,100, respectively.

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In contrast, the Middle East was the only region to see a decline, with its HNWI population falling 1.4 percent due to lower oil prices, regional conflicts, and economic pressures across parts of the Gulf.