India Emerges as a Global Wealth Hub

When the world thinks of wealth, it often looks to the U.S. or Europe. But in the last two decades, India has climbed into the top tier of global wealth rankings. Today, India is ranked third globally in the number of billionaires (individuals with $1 billion+ net worth), and fourth in the number of individuals with a net worth of more than $10 million.

This is a striking contrast: a country with $3,000 per capita income is home to one of the densest clusters of global ultra-wealth. For wealth managers, this presents a business opportunity. India’s wealth services industry is being reshaped by the rise of these UHNIs and HNIs, creating one of the most attractive growth markets in global finance.

According to Bernstein, India today counts 67 billionaires in Mumbai alone, placing the city 6th globally by billionaire density. Nationwide, the total billionaire count of more than 200 makes India the third-largest billionaire hub after the U.S. and China.

This surge is not just about established business families anymore. It is increasingly also about founders of new-age companies who are hitting the billionaire mark after IPOs or secondary stake sales.

$10 Million+ Individuals: A Deeper Opportunity

Beyond billionaires, the real growth market lies with the 86,000 Indian individuals with net worth of $10 million or more.

• This places India 4th globally in terms of absolute number of such individuals.
• On a relative basis, India’s concentration of ultra-affluent families is among the highest for an emerging economy.

These households represent the sweet spot for wealth managers. Unlike billionaires, who may prefer to build their own family offices, $10 million+ households are more likely to outsource wealth planning, portfolio construction, and access to alternative assets to professional managers.

Why India’s Wealth Rankings Matter

India’s rise up the global wealth ladder matters for three reasons:

1. It changes global capital flows: UHNIs and billionaires are increasingly diversifying globally, making India an important client base for global private banks and asset managers.
2. It professionalizes domestic wealth management: With more clients at the $10 million+ level, demand for sophisticated services such as structured products and estate planning will rise.
3. It attracts global comparisons: India is no longer an outlier. It sits alongside developed nations in terms of wealth concentration, giving it a seat at the global wealth management table.

The Paradox of Inequality

India’s global wealth ranking stands in sharp contrast to its average income. With per-capita income of around $3,000, India is still classified as a lower-middle-income economy. Yet its billionaire and UHNI density rivals that of advanced economies.

This paradox has two implications:

• High inequality fuels demand: The top 1% control ~60% of the country’s wealth, creating an unusually concentrated target market for wealth managers.
• Scale despite scarcity: Even if only 3 million households qualify as “uber-rich,” that’s still larger than the entire HNI universe in many other countries.

What Wealth Managers Need to Deliver

The rise in India’s billionaire and UHNI households is reshaping what clients expect:

• Global diversification: As clients get wealthier, they want exposure beyond India, including U.S. equities, European funds, and global real estate.
• Alternative assets: Billionaires and UHNIs are fueling demand for private equity, venture funds, hedge funds, and structured products.
• Succession and governance: Many Indian billionaires are first-generation entrepreneurs who now need estate planning, trusts, and family constitutions.
• Advisory over distribution: With larger ticket sizes, clients are less sensitive to fees and more focused on conflict-free advice.

For specialized wealth managers, this means moving up the value chain, from product placement to holistic financial architecture.

Case in Point: Mumbai as a Wealth Capital

Mumbai’s ranking as sixth globally in billionaire count cements the city as one of the world’s premier wealth hubs, alongside New York, London, and Hong Kong.

For wealth managers, this has practical implications:

• Talent concentration: Most top relationship managers (RMs) are based in Mumbai.
• Deal flow: AIFs, PMS, and private deals originate in the city’s financial ecosystem.
• Global linkage: International private banks are ramping up presence in Mumbai to serve the billionaire corridor.

Risks and Realities

The rise of India’s ultra-wealthy is undeniable, but it comes with caveats:

• Regulatory scrutiny: As billionaire and UHNI wealth grows, regulators may tighten oversight on structured products, cross-border flows, or tax arbitrage.
• Volatility: Much of India’s new wealth is equity-linked. Market downturns can rapidly impact billionaire and UHNI wealth rankings.
• Sophistication gap: Many first-gen wealthy entrepreneurs lack experience managing diversified portfolios, making them vulnerable to mis-selling.

Wealth managers who combine education with execution will win trust in this evolving landscape.

A Global-Scale Wealth Market in an Emerging Economy

India’s global place as third in number of billionaires and fourth in number of $10 million+ individuals signals a profound shift: the country is a global wealth hub in its own right.

For wealth managers, this means a once-in-a-generation opportunity. But serving India’s ultra-wealthy is not going to be just about asset allocation; it’s about building enduring trust, navigating complexity, and offering global-standard services in a uniquely Indian context.

India is unusual because of the scale of wealth concentration at the very top, even while average income levels remain modest. This creates a market where a relatively small number of households command investable assets larger than the HNI universes of many developed economies. Unlike the West, where wealth is more evenly spread, Indian wealth managers can focus on a compact but extremely lucrative client pool.

Another differentiator is the rapid rise of first-generation wealth such as startup founders, tech entrepreneurs, and professionals who are embracing alternatives far earlier in their wealth journeys than traditional business families. Demand for PMS, AIFs, private equity, and structured products is accelerating, making alternatives a central pillar of India’s wealth story.

Combined with the ongoing financialization of savings, intergenerational wealth transfer, and regulatory support for professional platforms, this blend of concentrated wealth and early adoption of alternatives makes India one of the most unique and attractive wealth markets globally.

As alternative assets gain traction and wealth concentration deepens, India’s wealth services industry is set to become one of the most attractive growth engines in global finance.

Chief Brand & Investor Relations Officer

Sneha Dadrwal

Frequently Asked Questions

Q: Why is India considered a unique wealth market?

A: India combines low average income levels with an exceptionally high concentration of wealth at the top. This means a compact but highly lucrative pool of households controls trillions in assets.

Q: What role do alternative assets play in India’s wealth management story?

A: Alternative assets are becoming central to portfolios of UHNIs and HNIs. For wealth managers, alternatives bring higher margins, stickier client relationships, and greater wallet share.

Q: Why does India’s wealth ranking matter globally?

A: It makes India a key client base for international private banks, professionalizes domestic wealth services, and positions India alongside advanced economies in terms of wealth concentration.

Q: How many billionaires does India have?

A: India is home to more than 200 billionaires, ranking it third globally after the U.S. and China.

Q: How many Indians have wealth of $10 million or more?

A: There are about 86,000 individuals in India with net worth above $10 million, placing the country fourth worldwide.

Sources

1. Bernstein Report
2. https://www.businesstoday.in/india/story/sanjeev-sanyal-indias-per-capita-income-is-around-3000-to-have-higher-income-you-need-a-larger-gdp-477824-2025-05-26