The number of high net worth individuals in India (worth $10 million and higher) increased by 6 percent year-on-year in 2024 to 85,698, according to real estate consultants Knight Frank's wealth report, released on March 5. Knight Frank added that at the same time, the number of billionaires in India increased by 12 percent year-on-year to 191.
In its projections, Knight Frank said that the number of high net worth individuals in India is expected to reach 93,758 by 2028.
The report added that the combined wealth of billionaires in India stood at $950 billion at the end of 2024, ranking third on the global list, even as the United States led the rest of the world in that regard, at $5.7 trillion. Mainland China was second on the list, at $1.34 trillion. Knight Frank noted in the wealth report that while the United States led the world in terms of wealth, new centres of wealth have emerged elsewhere, especially in China, driven by the country's strength in the manufacturing sector.
"While the global economy slowed through 2024, the resilience of the US helped prop up investor confidence. The trends powering wealth creation, including growth in financial markets led by equity markets and the bitcoin run, continued through 2024. And despite geopolitical tensions, resilient global trade further contributed to growth," said Liam Bailey, Global Head of Research at Knight Frank.
As wealth in India has increased, and with recent wobbles in equity markets, the report noted that wealthy individuals and family offices have continued their appetite for luxury real estate, even as experts have noted a slowdown in the rate of sales growth.
Knight Frank's Prime International Residential Index (PIRI) showed a global average increase of 3.6 percent in the prices of luxury homes, with the price index in Indian luxury residential markets increasing in 2024. In Mumbai, India's largest residential real estate market, luxury home prices increased by 6.1 percent in 2024, causing a decline in its global ranking for luxury home price increases, while the increase in the Delhi market was higher at 6.7 percent, driven by the launch of major luxury housing projects. In Bengaluru, luxury home prices increased by 4.1 percent in 2024.
"This upward movement underscores the growing appeal of these cities in the high-end real estate segment, supported by infrastructure expansion, economic growth, and increased demand for luxury properties. While Mumbai saw a decline in ranking, its prime property prices have risen by 30 percent over the past decade, nearly in line with the Indian rupee depreciation of 27 percent," noted Shishir Baijal, Chairman and Managing Director of Knight Frank India.
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