India’s billionaire population may rise 51% to 313 by 2031: Knight Frank

India is projected to have 25,217 ultra-high net worth individuals and 313 billionaires by 2031, spurred by wealth creation across technology, industrials and capital markets, according to Knight Frank.

Ultra-high Net Worth Individuals (UHNWIs) are defined as those having a net worth of $30 million and above.

At present, there are 19,877 UHNWIs and 207 billionaires in India.

On Thursday, real estate consultant Knight Frank released its 20th edition of The Wealth Report 2026, stating that there has been “dramatic acceleration” in global wealth creation despite substantial geopolitical uncertainty, concerns over rising interest rates and uneven economic performance.

“India’s UHNWI population is forecast to rise from 19,877 today to 25,217 by 2031, underscoring its growing role in the global wealth landscape. This reflects extraordinary wealth creation across technology, industrials and capital markets,” the consultant said.

Mumbai accounts for 35.4 per cent of the UHNWI population in India.

India now has the sixth-largest UHNWI population in the world.

Globally, the UHNWI population has increased to 713,626 from 551,435 in 2021.

Knight Frank said that India’s billionaire count rose 58 per cent over the past five years to 207 in 2026, placing the country 3rd globally after the United States (914) and China (485).

The country’s billionaire population is forecast to rise by 51 per cent from 207 in early 2026 to 313 by 2031.

Shishir Baijal, International Partner, Chairman & Managing Director, Knight Frank India, said, “The expansion of India’s wealth club mirrors its economic evolution as it becomes a more entrepreneurial economy maturing into one with deeper capital pools, more sophisticated financial markets and a growing cohort of globally connected founders and investors.”

Digitalisation, listed equities, private capital and family-owned businesses all play a role, he added.