In 2024, High Net Worth Individuals (HNWI) in India experience a significant growth of 8.8%, resulting in a total of 378,810 millionaire-status individuals with a staggering wealth of $1.5 trillion.
Title: India's High-Net-worth Individuals: A Shift Towards Offshore Assets
India saw an impressive 8.8% growth in wealthy individuals in the year 2024, with the number of millionaires surging to 378,810 and a combined wealth of $1.5 trillion[1]. Notably, 333,340 of these wealthy individuals, commonly known as 'millionaires next door', had a wealth of $628.93 billion[1].
Moreover, the country counted 4,290 ultra-high-net-worth individuals (UHNWIs) with a combined wealth of $534.77 billion[1].
The Capgemini Research Institute's 'World Wealth Report 2025' revealed that 85% of India's next-generation high-net-worth individuals (HNWIs) are planning to switch from their parents' wealth management firms within 1-2 years[2][3]. Interestingly, about 51% of respondents cited services unavailable on their preferred channels and 41% cited ineffective digital tools to conduct transactions as the primary reasons for switching firms[2][3].
The report also highlighted that Indian next-gen HNWIs are focused on growing their offshore assets. By 2030, an overwhelming 98% of them plan to increase their offshore assets by more than 10%[1][2][3]. This significant shift can be attributed to several factors:
- Investment Opportunities: 55% of next-gen HNWIs are drawn to superior offshore investment options[1][2][3].
- Wealth Management Services: 65% find access to more advanced, overseas wealth management offerings appealing[1][2][3].
- Market Connectivity: 54% are attracted by improved market access and global investment platforms[2][3].
- Favorable Tax and Political Environments: 49% are enticed by favorable tax regimes and greater economic and political stability overseas[1][2][3].
- Inheritance Planning: A staggering 59% of Gen Z Indian HNWIs have changed their tax residency for inheritance planning, much higher than the global average[1].
These trends pose significant challenges for the wealth management sector. With 81% of inheritors across the globe planning to switch firms within a year or two of inheritance[2], it's essential for firms to rapidly adapt. To retain clients and staff, they must deploy advanced digital strategies and potentially integrate agentic or generative AI.
According to Kartik Ramakrishnan, CEO of Capgemini's Financial Services Strategic Business Unit, "The great wealth transfer will be a defining moment for the industry. Firms must urgently evolve from traditional strategies to meet the digital, personalized, and global expectations of next-gen clients."
This shift signals a paradigm shift in global wealth management trends. As a result, wealth management providers must concentrate on digitizing their services, offering expertise in alternative assets such as private equity and cryptocurrencies, and streamlining inheritance and estate planning services to stay competitive.
- Reports: India Shows Significant Increase in HNWI Wealth
- Capgemini: World Wealth Report 2025
- Capgemini: Indian Next-Gen HNWIs to Increase Offshore Assets
- To meet the growing demands of personal finance management and wealth-management, Indian wealth management firms need to integrate advanced digital strategies, particularly AI, to remain competitive and retain their clients.
- As Indian high-net-worth individuals (HNWIs) opt for offshore investments, there is a increasing focus on investment opportunities, advanced wealth management services, market connectivity, and favorable tax and political environments, as mentioned in the Capgemini Report 2025.
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