India's Economic Marvel: Household Wealth Surges by 14.5% in 2024, Among World's Fastest-Growing Economies

India is on the cusp of an extraordinary economic transformation, with projections indicating a staggering 14.5% surge in household wealth in 2024. This remarkable growth rate positions India as one of the fastest-growing economies globally, underscoring its dynamic ascent on the world stage.

According to the latest 2024 Wealth Report by Henley & Partners and New World Health, India's total private wealth is set to reach an impressive $5 trillion by 2027.

This ambitious forecast highlights the nation's robust economic trajectory and the rapid accumulation of wealth among its populace.

The past decade has been particularly transformative for India's high-net-worth individual (HNWI) population. The number of millionaires, defined as individuals with investable wealth of $1 million or more, has exploded by an astounding 85%.

Currently, India boasts a substantial 3.4 lakh (340,000) millionaires, alongside 1,000 centi-millionaires (individuals with $100 million or more in investable wealth) and a formidable cohort of 120 billionaires.

These figures are not just statistics; they are a testament to India's burgeoning economic power.

The report further projects that India is well on its way to becoming the world's third-largest economy by 2027, a significant leap from its current position. Looking ahead, the nation is set to claim the second spot globally by 2047, a clear indicator of its long-term growth potential and strategic economic planning.

This unprecedented wealth creation is also translating into improved prosperity for the average citizen.

The average wealth per person is projected to rise from $8,600 to $10,000 by 2027, signalling a broader distribution of economic gains and an enhanced quality of life for many.

The driving forces behind this economic boom are multifaceted, with several key sectors leading the charge. Technology continues to be a primary engine of growth, fostering innovation and creating new avenues for wealth.

The financial services sector remains robust, providing essential infrastructure for investment and capital formation. Healthcare is experiencing significant expansion, driven by both domestic demand and medical tourism, while the manufacturing sector is undergoing a renaissance, boosted by government initiatives and global supply chain shifts.

Despite these glowing statistics and optimistic projections, the report also acknowledges a notable challenge: the outflow of high-net-worth individuals.

In 2023 alone, over 4,300 HNWIs reportedly left the country. While this trend represents a loss of capital and talent, it does not diminish the overall positive outlook for India's wealth growth, which continues unabated.

Geographically, wealth accumulation is concentrated in key urban centres.

Mumbai leads the pack as the city with the most millionaires, followed closely by the national capital, Delhi. Bengaluru, a hub of technology and innovation, also features prominently, alongside the historic and economically vibrant cities of Kolkata and Chennai. These metropolitan areas serve as powerful economic engines, attracting investment and fostering an environment conducive to wealth creation.