India's wealthy population continued to expand in 2025, with the country adding nearly 11,300 high-net-worth individuals (HNWIs), taking the total number of millionaires to around 390,000. Their combined financial wealth climbed 4.6% year-on-year to approximately $1.64 trillion, according to the World Wealth Report 2026 released by Capgemini.

The report underscores the robustness of Indian economy in the face of global economic uncertainty, with its strong economic growth, increasing manufacturing activity, and flourishing services sector. India's GDP growth of 7.6% in 2025 continued to make it one of the fastest growing major economies in the Asia-Pacific region, as a key source of wealth creation.

Key Highlights

• India added 11,300 HNWIs in 2025, taking total wealth to $1.64 trillion.
• Global millionaire population increased by two million as AI-driven equity markets boosted wealth.

Global Millionaire Population Hits Record High

Wealth creation surged markedly worldwide during 2025, as equity markets bounced back, inflation eased and valuations of technology and artificial intelligence (AI) stocks surged.

The report also shows that global HNHI wealth has increased 8.7% to a record $98.3 trillion, the highest annual growth since 2018. The global millionaire population grew by almost 2 million people, making a total of 25.3 million millionaires globally.

There was the highest growth among ultra-high-net-worth individuals (UHNWIs) for the second year in a row. The global UHNWI population grew by 9.4% to almost 250,000, with their wealth climbing 9.7% compared to the rest of the HNWI population.

The study also revealed increased inequality of wealth with nearly 34.8% of all HNWI wealth held by the top 1% of HNWIs worldwide.

Asia-Pacific Leads Global Wealth Growth

In 2025, the Asia-Pacific region was the top growth area in terms of wealth with the number of HNWIs growing by 10.5% and the millionaire population by 9.4%.

Enhanced by stock market rallies driven by technology innovation and increased semiconductor demand, wealth was created in the major Asian economies. During the year, Japan's millionaire population grew by almost 436,000, and China's by nearly 154,000. Performance was also good in India and Australia, reflecting the increasing significance of the region in the world's wealth generation.

Also Read: Indian UHNWI Population to Hit 25,217 by 2031: Knight Frank

AI and Equities Become Key Wealth Drivers

According to the report, the top contributor to wealth creation in 2025 is be AI-driven technology stocks. Consequently, allocations to equity assets rose in the HNWI portfolio by 3% to 25% for the year.

Fixed-income investments also got off to a strong start, with 20% of portfolios allocated to bonds, as global bond markets posted their best returns since 2020. Investor appetite for alternative investments is strong, with 68% of the surveyed HNWIs intending to increase their exposure to private equity and other alternative investments slightly, despite the slight decline in the section.

Wealth Management Industry Undergoing Transformation

In India, wealthy investors are actively looking for customized financial solutions, alternative investment avenues, and AI-powered investment advice, the report said.

As investors diversify their financial relationships, traditional wealth management firms are increasingly being challenged by WealthTech, robo-advisories, and family offices. The share of HNWIs using only one wealth management provider has decreased from 39% to 19% globally, from 35% to 27% in the APAC region and Portugal. Only 19% of the global HNW population relies on a single wealth management provider, compared to 39% in 2019; 27% in the APAC region and Portugal compared to 35% in 2019.

Kartik Ramakrishnan, CEO of Capgemini Financial Services Strategic Business Unit, commented, "Clients are looking for more personalisation and more advice that mirrors their lifestyle and the firms that can provide this at scale using AI-enabled insights and capabilities will be the ones who will shape the next age of wealth management."

Only 17% of HNWIs currently believe their advisory experience was seamless and highly personalized, and 42% say they had to share their goals and preferences with the advisor numerous times.

The report indicates that technology adoption and alternative investments are creating new trends in wealth creation and management in India and the world, and that AI-enabled advisory services, private investments in the markets, and digital wealth platforms will be central to those trends.