India’s ultra-rich population set for further surge

29 Apr 2026 CW Team

Knight Frank has released the 20th edition of The Wealth Report, showing strong global wealth creation despite geopolitical and economic uncertainty. The global ultra-high-net-worth individual (UHNWI) population, defined as those with assets above USD 30 million, rose by 162,191 between 2021 and 2026 to 713,626.

India’s UHNWI population increased 63 per cent over the same period, rising from just above 12,000 to 19,877, making the country the world’s sixth-largest hub for ultra-rich individuals. Knight Frank forecasts this number will grow a further 27 per cent to 25,217 by 2031.

Mumbai remains India’s largest wealth centre, accounting for 35.4 per cent of the country’s UHNWI population. Delhi and Chennai increased their share by 3 per cent over the past decade, while Hyderabad gained 1.3 per cent since 2015.

India’s billionaire count rose 58 per cent in five years to 207 in 2026, ranking third globally behind the United States and China. This figure is projected to rise 51 per cent to 313 by 2031, increasing India’s share of global billionaires from 6.7 per cent to 8 per cent.

In luxury housing, Bengaluru jumped to eighth place in Knight Frank’s Prime International Residential Index after a 9.4 per cent rise in prime residential prices in 2025. Mumbai ranked tenth with 8.7 per cent growth, while Delhi moved to seventeenth after a 6.9 per cent increase.

Monaco remained the world’s costliest prime residential market, where USD 1 million buys only 16 sq m. In comparison, the same amount buys 96 sq m in Mumbai, 205 sq m in Delhi and 357 sq m in Bengaluru.

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