NEW DELHI: India’s billionaire population is forecast to rise by 51 per cent from 207 in early 2026 to 313 by 2031, according to Knight Frank. The growth rate is estimated to outperform China (20 per cent) and the US (12 per cent).
India’s current share of global billionaires, at 6.7 per cent, is also expected to expand to 8 per cent over the next five years.
The country’s billionaire count rose 58 per cent over the past five years to 207 in 2026, placing it third globally after the US (914) and China (485). This growth is a direct result of a growing economy, significant start-up liquidity events, and the rise of high-income professionals leveraging robust capital markets, according to Ankita Sood, national director, research, Knight Frank India.
Further, the world’s ultra-high-net-worth individual (UHNWI) population increased to 713,626 in 2026, adding 162,191 individuals since 2021. India accounted for 2.8 per cent of global UHNWIs in 2026, up from a little over 2 per cent five years earlier. The country now has the sixth-largest UHNWI population in the world.
India’s UHNWI population is also forecast to rise from 19,877 currently to 25,217 by 2031. This reflects extraordinary wealth creation across technology, industrials, and capital markets, Knight Frank noted. UHNWIs are individuals with a net worth of $30 million or more.
Liam Bailey, global head of research at Knight Frank, said: “We are witnessing one of the most significant shifts in global wealth distribution in modern history. The US remains the dominant engine, but we are also seeing rising strength from India and a cohort of fast-maturing economies that are now shaping the global landscape. Despite huge geopolitical shocks and inflationary pressures, private capital has shown extraordinary resilience.”
Bailey added that the growth in worldwide wealth is relevant to real estate markets. Over the past two years, the average UHNWI has owned 3.7 homes. About 21 per cent of their wealth is allocated to commercial real estate, and a fifth of these wealthy individuals want to increase their exposure to the segment.
In India, according to Shishir Baijal, international partner, chairman and managing director, Knight Frank India, UHNWIs have always considered real estate an important part of their portfolio allocation.
“Over the last 10 years, especially with the real estate investment trusts (Reits) coming in, family offices and UHNWIs started allocating funds to commercial real estate. The way commercial real estate is booming today, this year is going to report an absorption of close to 100 million square feet. Commercial real estate is a clear favourite for many to invest in, and that will continue for some time. I don’t see this demand for real estate abating in the Indian context,” Baijal added.
Further, global luxury residential prices rose by 3.2 per cent in 2025, slightly below the 3.6 per cent increase recorded in the previous year. Monaco retained its position as the world’s most expensive prime residential city in 2025, where $1 million can buy just 16 square metres (sq m) of prime residential space, followed by Hong Kong (23 sq m) and Geneva (28 sq m).
In comparison, in Mumbai, $1 million could purchase 96 sq m of prime residential real estate in 2025, down 3 per cent year-on-year (YoY) from 99 sq m in 2024. In Delhi, one could purchase 205 sq m, also reflecting a 1.4 per cent YoY increase in prices from 208 sq m in 2024. Prime residential purchasing power in Bengaluru declined the most in this context, by approximately 3.5 per cent YoY, from 370 sq m in 2024 to 357 sq m in 2025.
Sood added that Indian capital is increasingly outward-facing and is fuelling international luxury and property markets, in contrast to the more inward-focused wealth of the US. “Now, as the wealth grows, consumption patterns are also rapidly evolving across the residential, retail, hospitality, and travel sectors, with a growing demand for unique experiences.”
Source: Business Standard
