1. Home
  2. /
  3. News
  4. /
  5. India’s Wealth Multiplies: 12%...

India’s Wealth Multiplies: 12% Jump in HNIs Signals Thriving Economy

  1. Home
  2. »
  3. News
  4. »
  5. India’s Wealth Multiplies: 12% Jump…
India's Wealth Multiplies: 12% Jump in HNIs Signals Thriving Economy

India’s economic story continues to be one of both resilience and ambition. 2023 was an incredible year, witnessing a remarkable surge in the number of high net-worth individuals (HNWIs). This surge paints a picture of a booming Indian market, attracting global attention and showcasing the country’s thriving wealth creation.

Who are High Net-worth Individuals (HNIs)?

In the Indian financial landscape, HNWIs are individuals who hold a significant amount of wealth, typically characterized by their investable assets. These are the individuals who have the resources and ability to invest Rs. 5 crore or more. They occupy a financially privileged position in society and are often involved in shaping the economic and investment trends within the country.

HNWIs are generally categorized into three types based on their net worth:

  • High Networth Individuals (HNIs): Those holding liquid assets up to Rs. 5 crore.
  • Very High Networth Individuals (VHNIs): Those with a net worth between Rs. 5 crore and Rs. 25 crore.
  • Ultra High Networth Individuals (UHNIs): Those with a net worth above Rs. 25 crore.

These individuals are not just wealthy but often the driving force behind businesses and enterprises. Most HNWIs are owners of big companies, holding positions such as CEO, chairpersons, CTOs, and other high-ranking executive roles. Their financial decisions and investments play a crucial role in the market dynamics and can influence economic trends.

HNIs on the Rise

The HNI populace in India didn’t just grow; it soared, marking a significant uptick of 12.2% in 2023, reaching a total of 35.89 lakh individuals and is expected to reach. This growth isn’t merely statistical; it narrates a saga of success stories, financial sagacity, and the entrepreneurial spirit that courses through the nation’s veins.

Wealth Surge 

The financial landscape witnessed a tectonic shift as HNWI wealth leaped by 12.4%, amassing a staggering $1,445.7 billion. The catalysts of this wealth explosion were the robust economy and the stellar performance of domestic equity markets, which saw a 29% increase in market capitalization in 2023. This surge is expected to propel HNWIs to the UHNI segment, growing it by 50% by 2028, making 19,908 Ultra-High-Net-Worth Individuals who directly help India grow by bringing in FDI, providing employment and opening more investment opportunities.

image 5
Source: Statista

Economic Indicators 

The Indian economy burgeoned by 7.3% in 2023, galloping past the previous year’s growth. The unemployment rate gracefully dipped to 3.2%, mirroring the vibrant job market and the country’s pulsating economic vitality. This expansion was the swiftest in the last six quarters, propelled by robust private consumption and positive trends in manufacturing and construction activities.

YearsWorker Population
Labour Force
Participation Rate 
Reference: Employment_Situation_in_India_NOV_2023.pdf (dge.gov.in)

Global Context 

On the international stage, India shone brilliantly, outperforming its peers in the Asia-Pacific region, with the highest HNWI wealth growth of 12.4%. This growth, underpinned by a resilient economy and robust equity markets, heralds India as a beacon of prosperity and a lodestar for economic aspirations.

The Future Outlook 

The narrative of India’s economic success transcends numbers; it’s woven from the aspirations and achievements of its people. As we gaze into the future, the trajectory of India’s HNWIs is poised to scale new heights, reflecting the nation’s indomitable spirit of growth and progress. National savings as a percentage of GDP will increase to 30% in 2022, bringing it into the league of other developed nations. The Indian economy is on a steadfast march toward an era of affluence and influence.

Gross Savings of Countries (GDP%)

image 6
Source: worldbank.org


  1. What defines a High Net-worth Individual (HNI) in India?

    HNWIs in India are individuals with investable assets of Rs. 5 crore or more. They occupy a financially privileged position and often influence economic and investment trends.

  2. How are HNWIs categorized in India? They are categorized into three groups:

    HNWIs: Liquid assets up to Rs. 5 crore.
    VHNWIs: Net worth between Rs. 5 crore and Rs. 25 crore.
    UHNWIs: Net worth above Rs. 25 crore.

  3. What was the growth rate of HNWIs in India in 2023?

    The HNWI population in India grew by 12.2% in 2023, reaching a total of 35.89 lakh individuals.

  4. How much did the wealth of HNWIs in India increase in 2023? 

    HNWI wealth in India leaped by 12.4%, amassing a total of $1,445.7 billion.

  5. What economic indicators reflect the growth of HNWIs in India? 

    Key indicators include a 7.3% growth in the Indian economy and a decrease in the unemployment rate to 3.2% in 2023.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

+ posts

I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
love to write on equity investing, retirement, managing money, and more.

Share on:

Want A Personalized Portfolio of 20-25 Potential High Growth Stocks?

*T&C Apply

Chat with us