India witnessed a significant surge in wealth among its high-net-worth individuals (HNWIs) in 2024, with the total number of millionaires reaching 378,810 by year-end, according to Capgemini’s World Wealth Report 2025. The cumulative wealth of this millionaire group stood at $1.5 trillion, marking an 8.8% increase compared to the previous year.
In addition to the core HNWI population, India had 333,340 individuals categorized as “millionaires next door”—those on the cusp of HNWI status—with collective assets valued at $628.93 billion. The country also recorded 4,290 ultra-high-net-worth individuals (UHNWIs), whose combined wealth totaled $534.77 billion.
Shift in Wealth Management Preferences Among Next-Gen Millionaires
The report highlights a generational shift in wealth management preferences, with 85% of India’s next-generation HNWIs intending to change their wealth management firm within one to two years—slightly higher than the global average of 81%. Key reasons cited include the lack of desired services on preferred digital platforms (51%) and inadequate transaction tools (41%).
Looking ahead, 98% of India’s younger wealthy individuals are planning to grow their offshore investments by at least 10% by 2030. Factors driving this trend include access to better financial services (65%), more attractive investment opportunities (55%), superior market connectivity (54%), and favorable regulatory and political environments (49%).
Global Trends in Wealth Growth
Globally, the HNWI and millionaire population expanded by 2.6% in 2024, with ultra-rich individuals growing at an even faster rate of 6.2%. This was fueled largely by buoyant stock markets and rising investor confidence driven by developments in artificial intelligence.
Alternative assets—including private equity and cryptocurrencies—have become an integral part of millionaire portfolios, now accounting for 15% of overall holdings.
Industry Faces Challenges Amid Generational Wealth Transfer
Commenting on the findings, Kartik Ramakrishnan, CEO of Capgemini’s Financial Services Strategic Business Unit and Executive Board Member, noted that the impending “great wealth transfer” presents both an opportunity and a risk for the global wealth management sector.
“Despite a rise in global wealth, the fact that over 80% of inheritors plan to switch firms signals a serious challenge for traditional advisors,” he said. “Firms need to rapidly modernize their services and equip advisors with advanced digital capabilities—possibly enhanced with generative AI—to retain both clients and talent.”
The report underscores the importance of adapting to evolving client expectations, especially as the next generation of wealthy individuals seeks a more personalized, tech-enabled approach to managing their finances.
