New Delhi, April 23 (IANS) India’s ultra-high-net-worth individual (UHNWI) population has surged in recent years and is projected to grow 27 per cent by 2031, according to a report released on Thursday.

An analysis by Knight Frank highlighted that India’s UHNWI population currently stands at 19,877 and is expected to rise to 25,217 by 2031.

India’s billionaire population has also witnessed strong growth, rising 58 per cent over the past five years to 207 in 2026, the third-largest globally after the United States and China, it said.

The number of billionaires in the country is expected to increase further by 51 per cent to reach 313 by 2031, increasing India’s share of the global billionaire population from 6.7 per cent to around 8 per cent.

Moreover, India accounted for 2.8 per cent of the global UHNWI population in 2026, up from just over 2 per cent five years ago, highlighting the country’s growing importance in the global wealth landscape, it said.

The country now ranks sixth worldwide in terms of ultra-rich population.

The report also highlighted that wealth in India is becoming more geographically dispersed, even as Mumbai continues to dominate with a 35.4 per cent share of the country’s ultra-rich population.

Delhi has increased its share to 22.8 per cent, while Chennai and Hyderabad have also recorded notable gains over the past decade. Meanwhile, Bengaluru has witnessed a marginal decline in its share.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said the expansion of India’s wealth base reflects the country’s transition into a more entrepreneurial and financially sophisticated economy.

"The expansion of India’s wealth club mirrors its economic evolution as it becomes a more entrepreneurial economy with deeper capital pools and a growing cohort of globally connected founders and investors," he said.

He added that digitalisation, listed equities, private capital and family-owned businesses are key drivers of this sustained wealth creation.

Globally, the UHNWI population has risen sharply despite geopolitical uncertainties, high interest rates and uneven economic growth, underlining the resilience of private capital.

Liam Bailey, Global Head of Research at Knight Frank, said the world is witnessing a significant shift in wealth distribution, with emerging economies such as India playing an increasingly important role alongside traditional leaders like the United States.

--IANS

ag/na