Global Wealth Rises on Market Tailwinds — and India Rides the Wave
India Rides the Wave
The global march of wealth creation regained momentum in 2024, as buoyant equity markets and accelerating technological change lifted high-net-worth individual (HNWI) portfolios worldwide. According to the Capgemini Research Institute’s World Wealth Report 2025, the global HNWI population grew by 2.6% last year, with wealth gains most pronounced among the ultra-rich. The number of ultra-high-net-worth individuals (UHNWIs), those with over $30 million in investable assets surged 6.2%, driven by bullish markets and optimism around artificial intelligence.
India was no outlier in this trend. The Sensex rose 8.2% in 2024, a performance that not only boosted portfolio values but also underscored investor confidence in India's economic fundamentals. Domestic drivers played an equally important role. Rapid digitisation, a vibrant startup ecosystem, and expansion across sectors such as technology, fintech, and infrastructure continued to democratize wealth creation. Entrepreneurship, rather than inheritance alone, is increasingly shaping the country’s millionaire class, though a significant generational transfer is on the horizon.
Indeed, the report forecasts that up to 50% of Indian HNWIs will inherit wealth by 2030, rising to a staggering 93% by 2040. This anticipated transfer marks one of the largest intergenerational wealth shifts in the country’s history and could redefine investment behaviors over the next two decades.
Globally, North America led the wealth expansion, with a 7.3% rise in its HNWI population, a testament to strong U.S. equity markets and a favorable interest rate environment. By contrast, Europe, Latin America, and the Middle East saw declines in their HNWI bases as inflationary pressures, geopolitical uncertainty, and sluggish growth took a toll.
Across regions, one pattern has become clear: alternative assets are no longer niche. With 15% of HNWI portfolios now allocated to vehicles like private equity, hedge funds, and cryptocurrencies, the appetite for non-traditional investments is becoming mainstream. In a world of rising volatility and technological disruption, the wealthy are diversifying — and doing so with conviction.
- Jishnu Chatterjee,
June 15, 2025.
Author is a Jack-of-All trades. He believes that specialization is for insects. Author is a public servant, a Linux evangelist, chess enthusiast and a long-term investor.
