According to a study of by Anarock Property Consultants, India’s HNI population, which currently stands at 850,000, will surge to 1.65 million by the year 2027. 20% of millionaires in India rich list are under the age of 40.
Around 20 percent of millionaires, and 15 percent of High Net Worth Individuals 0r HNIs, in India are under the age of 40, a recent study has found. According to a study by Anarock Property Consultants, India’s HNI population, which currently stands at 850,000, will surge to 1.65 million by the year 2027.
The study asserted that the number of Ultra High Net Worth Individuals 0r UHNIs (persons with assets of more than $30 million), will also increase in the coming years.
As per the report, over 15 percent of India’s HNI population, most of which is associated with start-ups, unicorns, IPOs and tech-based ventures, is under the age of 30, while around 20 percent of the country’s millionaires are under 40 years of age, which is expected to increase to 25 percent by 2030 as young entrepreneurs continue to redefine wealth creation.
Anarock’s study has found that India’s rich are investing heavily in prime real estate, with the share of luxury homes in total property sales, which was 16% before the Covid-19 pandemic, rising to 28% in 2024. The study noted that most luxury homes’ sales have been witnessed in Mumbai, Delhi and Bengaluru cities, and also in Goa, Alibaug and Jaipur.
About 14% UHNIs also invested in property abroad. Dubai, London and Singapore became the biggest hotspots for buying property. In 2024, the investment in foreign property surged by Rs 12 crore, the study revealed.
What is the source of this wealth?
According to the study, around 30% of new HNIs attribute their wealth to technology, fintech and startups, while ‘Make-in-India’ campaign, which promotes local manufacturing, has contributed 21% to the wealth UHNIs. Real estate is also a major source of wealth creation for India’s surging HNI population, contributing around 15%, with luxury and commercial properties being the biggest sources.
Apart from manufacturing and real estate, the equity market and startups are two other major sources of wealth for India’s rich. As per the study, the stock market has given an 18% year-on-year dividends on equities, while 15% percent of India’s HNIs, aged under 30, are associated with start-ups unicorns, IPOs and tech ventures.
Where the rich are spending?
The study found that a majority of India’s rich are spending a lavish amount on luxury cars with 37% of HNIs purchasing expensive brands like Lamborghini, Porsche and Rolls Royce, in 2024.
Additionally, the India’s UHNIs are spending around Rs 6 crore annually on custom holidays and luxury cruises, the study found.
Apart from this, India has also become a thriving market for custom jewellery and watches, with the rich spending lavishly on these vanity items. India is the 5th largest market for custom watches and jewellery.
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