Wealth boom: India churns billionaires much faster compared to the US and China, says financial advisor

India's wealth landscape is evolving at breakneck speed, with billionaires emerging faster than millionaires and the country's youth reshaping how wealth is managed, moved, and multiplied. At the center of this shift is a bold claim: India isn't just a country of rising fortunes — it’s a breeding ground for billionaires, not employees.

Akshat Shrivastava, financial expert and founder of Wisdom Hatch, believes India’s true wealth story lies in its entrepreneurial firepower. “India has roughly 250 billionaires, just half that of China (which has roughly 520 billionaires),” Shrivastava wrote on X (formerly Twitter). “But, the data is very interesting for millionaires (in USD): The US has 22 million millionaires (25X that of India), China has 6 million millionaires (7X that of India), India has 850K millionaires.”

He emphasised the pace of billionaire creation outstrips that of millionaires: “One could become a millionaire from a job. But, it is unlikely that one would become a billionaire from a job. India is a land of business opportunities, not necessarily job opportunities.”

Backing that sentiment, the World Wealth Report 2025 from Capgemini Research Institute revealed that India’s high-net-worth individual (HNWI) population grew 5.6% in 2024, with their collective wealth rising 8.8% — outpacing both China and global peers.

India ended 2024 with 378,810 millionaires holding $1.5 trillion in investable assets. Though far behind Japan’s 3.99 million millionaires ($9.9 trillion) and China’s 1.5 million ($7.9 trillion), India posted one of the highest regional growth rates in wealth and HNWI population.

A generational shift is underway. Fifty percent of Indian HNWIs are expected to inherit wealth by 2030, climbing to 93 percent by 2040. This transition is altering wealth management preferences. The “millionaire next door” category — those with $1 million to $5 million — now includes 333,340 Indians, holding a combined $628.93 billion.

Meanwhile, India had 4,290 ultra-HNWIs (over $30 million in assets), compared to 22,780 in China and 13,620 in Japan.

Digital transformation is a top priority. Among India’s next-gen HNWIs, 85 percent plan to change their wealth management providers within one to two years — above the global average of 81 percent. The key reasons: lack of digital service channels (51 percent) and poor digital transaction tools (41 percent). Yet, relationship managers (RMs) remain critical: 67 percent of young Indian HNWIs would follow their RM to a new firm.

Digital demands vary by age. Seventy-six percent of Indian millennial HNWIs and 52 percent of Gen Z expect top-tier digital capabilities. Tailored services are also key — 70 percent of millennials seek personalized offerings, followed by Gen Z (60 percent) and Gen X (49 percent).

Offshore investments are surging. By 2030, 98 percent of India’s next-gen HNWIs plan to grow offshore assets by over 10 percent, driven by better investment options (55 percent), superior services (65 percent), stronger market access (54 percent), and favorable tax or political environments (49 percent).

Tax planning is also prompting relocation. Fifty-nine percent of Gen Z Indian HNWIs have changed their tax residency for inheritance planning — well above the global average of 39 percent.

As of January 2025, global HNWI portfolios held 25-28 percent in cash, 19 percent in fixed income, 16-19 percent in real estate, and 20-25 percent in equities. Alternative investments accounted for 14-17 percent, with millennials showing the strongest appetite.