India is projected to have 313 billionaires and more than 25,200 ultra-high net worth individuals by 2031, according to a study by global property management firm Knight Frank.
India currently has 207 billionaires and 19,877 ultra-high net worth individuals, the study showed.
The firm defines ultra-high net worth individuals as persons having assets valued at $30 million, or Rs 283 crore, or more.
The study published on Thursday said that “rapid domestic wealth creation is reshaping the top end of the [property] market, particularly in Mumbai”.
This comes even as the 2026 World Inequality Report released in December showed that India is one of the most unequal countries in the world, with the top 1% of the population holding 40% of the wealth.
Inequality in India has shown no signs of reduction in recent years, the findings of the study published by the World Inequality Lab had shown.
The richest 10% hold about 65% of the total wealth, it had said.
Five of the richest families in India saw their wealth increase by 400% between 2019 and 2025, according to the 2026 Wealth Tracker India study published by non-profit organisation Centre for Financial Accountability and Tax The Top campaign on April 1.
The study said that the share of the bottom 50% in the country’s wealth stagnated at 6.4% by 2024.
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