India pips China in creating ultra-high net worth individuals in 2024

New Delhi (The Uttam Hindu): The country's ultra-high net worth individual (UHNI) count reached 13,600 in 2024, marking a 6 per cent annual growth, and is projected to soar by 50 per cent by 2028, far outpacing the global growth average of 30 per cent, a report showed on Thursday. While India’s UHNI population grew by 6 per cent in 2024, China’s grew by just 2 per cent, signalling India’s rising economic prominence, according to the report by Anarock Group.

India ranks sixth globally in UHNI population and third in Asia, trailing only China and Japan. About 10 per cent of UHNIs secured alternate citizenships in 2024, favouring Portugal, Malta and the UAE for their global mobility and tax benefits. “Approximately 14 per cent of UHNIs own properties abroad, with Dubai, London and Singapore as the primary hotspots. The average international property investment exceeded Rs 12 crore ($1.44 million) in 2024,” said Prashant Thakur, Regional Director and Head, Research, Anarock Group.

Also, nearly 25 per cent of Indian UHNIs are diversifying abroad, prioritising assets in North America and Europe. Over 40 per cent of UHNIs have established family offices to manage wealth, succession planning and philanthropy. UHNIs in India spend an average of Rs 6 crore ($720,000) annually on bespoke vacations, luxury cruises, and curated experiences. “Indian UHNIs donated over Rs 60,000 crore ($7.2 billion) in 2024, prioritising education, healthcare, and sustainability,” the report mentioned. Moreover, India is home to over 850,000 high net worth individual (HNIs), and this is projected to double to 1.65 million by 2027, according to Anarock Group.

“Interestingly, 20 per cent of these millionaires are under 40, signalling the growing influence of young wealth creators,” said Dr Prashant Thakur, Regional Director and Head, Research, ANAROCK Group. More than 37 per cent of Indian HNIs purchased a high-end vehicle in 2024, driving record sales for brands like Lamborghini, Porsche, and Rolls Royce. Over 15 per cent of India’s HNIs are under 30, driven by start-up unicorns, IPOs, and tech-driven ventures. This number is expected to rise to 25 per cent by 2030, as younger entrepreneurs redefine wealth creation, said the report.