India’s ultra-rich population is booming—and global wealth firms want a bigger piece
India’s ultra-high-net-worth individuals (UHNWIs) with over $30 million in assets surged 63% from 2021 to 2026, reaching 19,877 and ranking the country sixth globally, while global wealth firms like Knight Frank are expanding services to tap into this growing market. The report projects further growth, with India’s UHNWI population expected to rise 27% by 2031, alongside increasing demand for diversified global investments and family office advisory services.
India’s ultra-rich population is growing rapidly, attracting global wealth firms seeking to capitalize on the country’s expanding private wealth market. According to Knight Frank’s Wealth Report 2026, the number of Ultra High Net Worth Individuals (UHNWIs) with net assets exceeding $30 million increased by 63% between 2021 and 2026, rising from 12,161 to 19,877. This growth has positioned India as the sixth-largest market for UHNWIs globally, with projections indicating a further 27% increase to 25,217 by 2031. The surge in wealth is driven by sectors like technology, manufacturing, financial markets, and entrepreneurship, pushing India’s billionaire count to 207 in 2026—third globally after the US and China—and expected to reach 313 by 2031. Wealthy Indians are diversifying investments beyond traditional assets into luxury properties, commercial real estate, and overseas holdings, fueling demand for specialized advisory services. Wealth concentration is shifting beyond Mumbai, which still holds 35.4% of India’s UHNWIs but saw its share drop from 41.3% in 2015. Delhi’s share grew to 22.8%, Hyderabad’s to 6.3%, and Chennai’s to 4.8%, reflecting economic expansion in technology, pharmaceuticals, and manufacturing. Family offices and outbound investments are rising, alongside needs for succession planning and global wealth management. Global firms are expanding their presence in India to capture this opportunity. Knight Frank India launched its Private Office business to serve UHNWIs, family offices, and advisors in residential, commercial, and international real estate. Led by Saneya Malani, the platform integrates with Knight Frank’s global network in London, Hong Kong, Singapore, Dubai, and Jeddah, catering to wealthy Indians seeking cross-border real estate and investment advice.
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