India Adds 39,000 Millionaires In 2024: UBS Report

India’s Millionaire Growth in 2024

In 2024, India added 39,000 new dollar millionaires, marking a 4.4 percent increase compared to the previous year. With a total of 917,000 millionaires, India ranked fourth globally in terms of new millionaire additions, behind Turkey, the United Arab Emirates, and Russia.

This growth is significant, but experts believe the number could have been even higher. According to the latest Global Wealth Report by UBS, the way wealth is created, stored, and passed on in India needs more attention.

Why India Could Have Produced More Millionaires

Most of the increase in millionaires around the world came from a rise in financial asset values—such as stocks, bonds, and mutual funds. Countries where people hold a large portion of their wealth in financial assets saw bigger jumps in the number of millionaires.

In India, however, only about 20 percent of total personal wealth is stored in financial assets. This is very low compared to countries like Sweden and Israel, where over 80 percent of personal wealth is held in such assets. Even countries like South Africa and Brazil have higher rates of financial asset ownership, at over 60 percent.

This shows that Indians still rely heavily on non-financial assets like gold and real estate, which may not grow as quickly or reliably as stocks or mutual funds. If more Indians shifted to financial instruments, the number of millionaires could increase much faster.

India’s Inequality Is Growing

While the number of rich individuals is increasing, income inequality is also rising. The Gini coefficient, a measure of inequality, has gone up by two points in India since 2020. This places India among the top five countries where inequality is growing the fastest, behind the Netherlands, Austria, Kazakhstan, and China.

India now ranks eighth among 56 countries on the inequality scale, performing worse than China but slightly better than Brazil and Russia.

At the same time, India is among the bottom six countries when it comes to growth in median income over the last five years. This means that for most ordinary people, incomes have not improved much compared to the rich.

Wealth Transfer: A Big Opportunity for India

India is expected to see a massive transfer of wealth in the next 25 years. It ranks seventh among countries likely to witness the largest generational wealth shift. Interestingly, India has the youngest population among the top countries on this list, meaning that wealth will move from older to younger generations at a faster pace.

Globally, UBS estimates that over 83 trillion dollars of personal wealth will be passed down over the next 25 years. The United States will account for over a third of this, followed by Brazil and China.

India’s Personal Debt Remains Low

Another key insight is that personal debt in India remains low, below 10 percent of total personal wealth. This is similar to countries like the UAE, Russia, and Hong Kong. In contrast, personal debt is highest in Finland, Norway, and Switzerland, where it ranges from 21 to 26 percent.

The Road Ahead: Building a Stronger Financial Culture

The report suggests that India needs to increase participation in financial markets to improve wealth creation and reduce inequality. There is a clear need for:

More financial education

Easier access to stocks, bonds, and mutual funds

Better support from wealth managers, banks, and advisors

Stronger government incentives for financial investments

This shift would not only help more Indians become millionaires but also ensure that wealth is more evenly distributed across the population.

Conclusion

India’s rise in the number of millionaires in 2024 is a sign of growing prosperity. However, the country still has a long way to go in building a more balanced, financially aware, and inclusive economy. With better financial planning and a stronger push towards asset diversification, India could soon be competing with the biggest wealth hubs in the world.