India ranks third among billionaires.

New Delhi: The number of millionaires in the country is steadily increasing. According to a report released on Wednesday by global property consultant firm 'Knight Frank', the number of millionaires in the country has increased by 6% compared to last year. As a result, the total number of millionaires in the country has reached 85,698. Millionaires are individuals with a wealth greater than ten million dollars (₹87 crores). While it's generally assumed that billionaires live predominantly in Western countries, the Knight Frank report reveals that India is among the top three countries with the highest number of wealthy people. Billionaires are defined as individuals with a wealth greater than ₹8,500 crores. The total wealth of billionaires worldwide has reached ₹1,275 lakh crores.

Mumbai holds the top position in the country with 396 billionaires, while Delhi ranks second with 217 billionaires. Hyderabad has secured a notable third position with 104 wealthy individuals, according to the Hurun India Rich List-2024 report. The report further reveals that Telangana has 109 wealthy individuals, while Andhra Pradesh has 9.

The wealthiest families in India:

• Ambani family: ₹10.09 lakh crores
• Mistry family: ₹3.25 lakh crores
• Jindal family: ₹2.43 lakh crores
• Birla family: ₹1.99 lakh crores

India ranks fourth in terms of High Net Worth Individuals (HNWIs). The United States (905,413 people) holds the top position, followed by China (471,634 people) and Japan (122,119 people) in the top three. Internationally, 3.7% of HNWIs reside in India. According to Knight Frank India CMD Shishir Baijal, “With the rise of entrepreneurship and new industries, the number of HNWIs in India is growing remarkably. The increase in domestic wealth indicates long-term growth opportunities and the ability to withstand economic challenges.”

Investment trends among the wealthy are also changing, from real estate to global equities. According to Knight Frank's Luxury Investment Index (KFLII), demand was only seen for five assets last year. The index ranks the top 10 assets (luxury collectibles) that wealthy individuals invest in based on their preferences. According to the index, the prices of luxury handbags have increased by 2.8%, jewelry by 2.3%, coins by 2.1%, watches by 1.7%, and classic cars by 1.2%. However, art, as a luxury investment asset, saw the highest drop in prices, falling by 18.3%.

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