MUMBAI: India has seen a sharp surge in ultra‑high‑net‑worth individual (UHNWI, whose net worth is estimated at over $30 million) population over the last five year and their numbers are expected to grow at a brisk pace in the coming years.
According to Knight Frank’s ‘The Wealth Report’, between 2021 and 2026, India’s $30 million+ population surged by 63%, rising from just over 12,000 to 19,877, a reflection of extraordinary wealth creation across technology, industrials and capital markets.
The country now has the sixth largest UHNWI population in the world. Knight Frank estimates India’s UHNWI population to rise by 27% from 19,877 in early 2026 to 25,217 by 2031, underscoring its growing role in the global wealth landscape. The world’s UHNWI population increased by 162,191 between 2021 and 2026, equivalent to 89 new UHNWIs every day, bringing the global total to 713,626.
Mumbai, the country's financial capital, continues to dominate with its constituency of 35.4% UHNW or ultra-rich population. Delhi and Chennai have gained in their contribution of ultra-rich population by 3% over the last 10 years. Hyderabad has also expanded its contribution by 1.3% since 2015.
India’s billionaire (net worth $1 billion+) count rose 58% over the past five years to 207 in 2026, placing the country 3rd globally after the United States (914) and China (485). According to Knight Frank’s Wealth Sizing Model, India’s billionaire population is forecast to rise by 51% from 207 in early 2026 to 313 by 2031. India’s current home base of 6.7% of the global billionaires will expand to 8% over the next 5 years.
“The expansion of India’s wealth club mirrors its economic evolution: an entrepreneurial economy maturing into one with deeper capital pools, more sophisticated financial markets and a growing cohort of globally connected founders and investors. Digitalisation, listed equities, private capital and family-owned businesses all play a role. The result is a widening, increasingly durable base of ultra‑wealth, anchored in long‑term structural growth,” said Shishir Baijal, International Partner, Chairman & Managing Director, Knight Frank India.
The Wealth Report reveals the findings of Knight Frank’s Prime International Residential Index (PIRI 100) which covers price performance across 100 global luxury housing markets.
Bengaluru climbed 32 places from 40th in 2024 to 8th in 2025, supported by 9.4% year-on-year increase in luxury residential prices. Mumbai’s residential prices surged by 8.7% in 2025 and the city's ranking on PIRI jumped from 21st in 2024 to 10th in 2025. Delhi recorded a price appreciation 6.9% last year, improving its ranking from 18th in 2024 to 17th in 2025.
Monaco retains its position as the world’s most expensive prime residential city in 2025, where with $1 million, one can make a purchase of just 16 sq m of prime residential space, followed by Hong Kong (23 sq m) and Geneva (28 sq m).
In comparison, in Mumbai one can purchase 96 sq m of prime residential real estate in 2025, a decline of 3% YoY from 99 sq m in 2024. In Delhi, one can make a purchase of 205 sq m, a decline of 1.4% YOY from 208 sq m in 2024. Prime residential purchase in Bengaluru has declined by 3.5% YoY from 370 sq m in 2024 to 357 sq m in 2025.
The rupee depreciated 4.3%, giving a foreign buyer more rupees per dollar however prime property price per sq ft (capital values) in all three cities rose faster (Mumbai 8.7%, Delhi 6.9% and Bengaluru 9.4%) than that FX gain, so the net sq n purchasable for $1 million still fell as price appreciation of these cities outpaced the currency tailwind.