The number of Ultra High Net Worth Individuals (UHNIs) rose 6 percent this year to 13,600 and could rise another 50 percent by 2028, easily surpassing the global growth average of 30 percent, according to a report from Anarock.
The number of high-net-worth individuals (HNIs) could double to 1.65 million by 2027. More than 15 percent of Indian HNIs are below 30 years of age, driven by start-up unicorns, IPOs and technology-driven ventures. According to Anarock, this number is expected to rise to 25 percent by 2030 as younger entrepreneurs redefine wealth creation.
UHNIs are those with assets worth more than $30 million, while HNIs are those with investable assets of at least $1 million.
The cornerstone
Real estate remains a cornerstone of asset allocation for Indian HNIs and UHNIs, with 32 percent of their assets allocated to real estate and 20 percent to private equity and startups, with an emphasis on AI, blockchain and cleantech. Anarock. Eight percent of UHNIs have invested in cryptocurrencies, despite regulatory uncertainty.
The share of luxury homes in total sales increased from 16 percent before the pandemic to 28 percent in 2024. Luxury properties in Mumbai, Delhi and Bengaluru are top choices, with Goa, Alibaug and Jaipur emerging as favorite destinations for second homes.
Nearly 25% of Indian UHNIs are diversifying abroad, prioritizing assets in North America and Europe, and around 10% have secured alternative citizenship, with Portugal, Malta and the UAE being preferred for their global mobility and tax breaks, Anarock said. About 14 percent of UHNIs own properties abroad, with Dubai, London and Singapore being the main hotspots. The average international real estate investment this year was over ₹12 crore.
More than 40% of UHNIs have established family offices to manage wealth, succession planning and philanthropy.
Luxury purchases
Over 37% of Indian HNIs bought a luxury car by 2024, driving record sales for brands like Lamborghini, Porsche and Rolls Royce. UHNIs spend an average of ₹6 crore annually on tailor-made holidays, luxury cruises and curated experiences. India is the fifth largest market for luxury watches and custom jewelry, with strong demand for pieces from Cartier, Patek Philippe and Indian heritage brands.
Well-being-oriented real estate, customized healthcare and anti-aging solutions have become important spending categories. Wealthy families are also increasingly investing in preventive health care and luxury wellness retreats.
“India is witnessing a transformative era of wealth creation. From bustling metropolises to emerging Tier-II cities, the country’s affluent population is growing at a pace that is attracting global attention. A dynamic mix of young entrepreneurs, technology pioneers and seasoned industrialists are driving this change,” said Prashant Thakur, Regional Director & Head – Research, ANAROCK Group.
