India's Ultra-Wealthy Population to Surge 26.9% by 2031, Report Says

"This trajectory mirrors India's economic evolution: an entrepreneurial economy maturing into one with deeper capital pools, more sophisticated financial markets, and a growing cohort of globally connected founders and investors," according to a Knight Frank Wealth report.

A high-net-worth individual (HNWI) is someone with a net worth of USD 1 million or more, whereas an ultra-high-net-worth individual (UHNWI) is someone with a net worth of USD 30 million or more.

The report revealed an active pace of global wealth creation. The Knight Frank Wealth Sizing Model showed that 89 people crossed the USD 30 million threshold every day. The global population of UHNWIs reached 713,626 in 2026. While the United States claimed 41 per cent of all newly minted UHNWIs, growth in India and China continues to reshape the global environment.

As per the report, India accounted for 2.8 per cent of global UHNWIs in 2026, a rise from just over 2 per cent five years prior. Between 2021 and 2026, the population of individuals with more than USD 30 million in India surged by 63 per cent.

This figure rose from just over 12,000 to nearly 20,000. Forecasts indicated a further 27 per cent increase by 2031, taking the total to more than 25,000. Digitalization, listed equities, and private capital all contributed to this widening base of ultra-wealth.

Domestic wealth creation also reshaped the top end of the real estate market. A rise in GDP of 38 per cent over five years fueled the domestic ultra-luxury segment, with Mumbai leading the charge. The city functions with restricted coastal geography and land scarcity, which commands a substantial premium.

In 2025, Mumbai recorded 56 new-build sales in the USD 5 million-plus category. Affluent domestic buyers seek expansive views and world-class amenities, which have pulled new developers into the luxury segment.

"Mumbai has enormous growth potential ahead. The number of super-prime sales is rising steadily, and that creates real opportunity for developers in the years to come," said Ankita Sood of Knight Frank India.

The commercial real estate investment cycle also experienced a shift toward domestic participation. The domestic share of private equity investments reached nearly 26 per cent in 2025, compared to an average of 11 per cent before the pandemic. This change reflected the financialization of Indian real estate. Domestic capital found encouragement in a strong macroeconomic backdrop, with GDP growth above 7 per cent and easing inflation.

The surge in wealth generation also influenced luxury lifestyle industries. Wealthy Indian entrepreneurs bought vessels to keep and cruise in the Mediterranean, while others chose Dubai or Abu Dhabi. This trend positioned India as a significant hope for the superyacht industry as domestic wealth continues to scale.

- ANI