New Delhi— India witnessed an 8.8% rise in high-net-worth individual (HNWI) wealth in 2024, ending the year with 378,810 millionaires holding a combined fortune of $1.5 trillion, according to Capgemini’s World Wealth Report 2025 released Wednesday.
The report also noted 333,340 “next-door millionaires” with a collective wealth of $628.93 billion, while India was home to 4,290 ultra-HNWIs with $534.77 billion in assets.
A significant shift is emerging among next-generation HNWIs. About 85% plan to move away from their parents’ wealth management (WM) firms within 1–2 years—higher than the global average of 81%. The top reasons include limited access to preferred digital channels (51%) and ineffective digital tools (41%).
Looking ahead, 98% of India’s next-gen HNWIs aim to increase offshore holdings by over 10% by 2030, citing better investment options, wealth management services, market connectivity, and more favorable tax and political climates.
Globally, the HNWI population grew by 2.6% in 2024, led by a 6.2% rise in ultra-HNWIs, driven by bullish stock markets and optimism around AI. Alternative investments, including private equity and cryptocurrencies, now account for 15% of HNWI portfolios.
Kartik Ramakrishnan, CEO of Capgemini’s Financial Services Strategic Business Unit, warned of risks tied to the upcoming generational wealth transfer: “Despite global wealth increasing, 81% of inheritors plan to switch firms within two years. That’s a significant threat to the wealth management industry.”
He added that wealth firms must evolve quickly, equipping advisors with digital tools—and potentially AI—to retain both clients and talent in a rapidly changing landscape. (Source: IANS)
