India's Billionaire Population Expected to Increase 51% by 2031, Knight Frank Predicts
India's Wealth Creation Accelerates, Forecast to Reach 25,217 Ultra-High Net Worth Individuals by 2031
India is poised to become a significant player in the global wealth landscape, with a projected 25,217 ultra-high net worth individuals (UHNWIs) and 313 billionaires by 2031. According to Knight Frank's 20th edition of The Wealth Report 2026, released on Thursday, wealth creation across technology, industrials, and capital markets has driven this growth.
Ultra-High Net Worth Individuals (UHNWIs), defined as those with a net worth of USD 30 million and above, currently number 19,877 in India. This is expected to rise to 25,217 by 2031, underscoring India's growing role in the global wealth landscape. The dramatic acceleration in global wealth creation, despite geopolitical uncertainty, concerns over rising interest rates, and uneven economic performance, has contributed to this growth.
Mumbai accounts for 35.4 per cent of the UHNWI population in India, making it a hub for wealth creation. India now has the sixth-largest UHNWI population in the world, with the globally UHNWI population increasing to 713,626 from 551,435 in 2021.
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| Country | UHNWI Population (2021) | UHNWI Population (2026) |
|---|---|---|
| United States | ||
| China | ||
| India | 551,435 | 713,626 |
| Other Countries |
The country's billionaire count rose 58 per cent over the past five years to 207 in 2026, placing India 3rd globally after the United States (914) and China (485). India's billionaire population is forecast to rise by 51 per cent from 207 in early 2026 to 313 by 2031.
According to Shishir Baijal, International Partner, Chairman & Managing Director, Knight Frank India, 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. Digitalisation, listed equities, private capital, and family-owned businesses all play a role in this growth.
Investor Takeaway
India's wealth creation is expected to drive growth in the global wealth landscape.
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