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The number of Indian high-net-worth individuals (HNWIs), those having assets more than $10 million, rose 6 per cent last year to 85,698, according to Knight Frank.

Global property consultant Knight Frank on Wednesday released its 'The Wealth Report 2025', which estimated the HNWI population in India at 85,698 in 2024, as against 80,686 in the preceding year.

The number is expected to rise to 93,753 by 2028, reflecting India's expanding wealth landscape, the consultant said.

The increasing trend of HNIW population highlights the country's strong long-term economic growth, increasing investment opportunities, and evolving luxury market, positioning India as a key player in global wealth creation.

India's billionaire population has also seen a strong year-on-year growth in 2024.

"India is now home to 191 billionaires, of which 26 joined the ranks in just the last year, which was pegged at just 7 in 2019," the consultant said.

The combined wealth of Indian billionaires is estimated at $950 billion, ranking the country third globally, behind the US ($5.7 trillion) and Mainland China ($1.34 trillion).

"India's growing wealth underscores its economic resilience and long-term growth potential. The country is witnessing an unprecedented rise in high-net-worth individuals, driven by entrepreneurial dynamism, global integration, and emerging industries," Shishir Baijal, Chairman & Managing Director, Knight Frank India, said.

This expansion is not just in scale but also in the evolving investment preferences of India's elite, who are diversifying across asset classes, from real estate to global equities, he added.

"In the decade ahead, India's influence in global wealth creation will only strengthen," Baijal said.

Mangaluru: The Bharatiya Janata Party (BJP) has strongly criticized the Karnataka government's decision to reserve 4% of government contracts for Muslims, calling it an unconstitutional move that promotes division in society. Dakshina Kannada MP Captain Brijesh Chowta reaffirmed the party’s commitment to challenging this policy both legally and politically.

Speaking to the media, Capt. Chowta stated that Dr. B.R. Ambedkar had introduced reservations specifically for Scheduled Castes (SC), Scheduled Tribes (ST), and Other Backward Classes (OBCs) to uplift marginalized communities. He accused Chief Minister Siddaramaiah of misusing the concept of AHINDA politics to cater to specific organizations rather than working for the welfare of all backward communities in Karnataka.

“The Congress government’s decision is an unconstitutional and religion-based move aimed at appeasement politics. It is a betrayal of backward communities and a clear attempt to divide society along religious lines,” said Capt. Chowta. He further asserted that the BJP would not remain silent and would oppose the decision at every level.

The BJP plans to file a writ petition in the High Court seeking to overturn the government's move, which it believes is a calculated effort to gain religious vote banks. Capt. Chowta also condemned the government’s allocation of Rs 1,000 crore under the "Minority Colonies Development Fund" in the state budget, arguing that such policies undermine the principles of equality enshrined in the Constitution.

He emphasized that the Supreme Court has repeatedly ruled against religion-based reservations and reiterated that Dr. Ambedkar himself opposed such policies during the drafting of the Constitution. “Previous attempts to introduce religion-based reservations in other states have been struck down by courts, yet the Siddaramaiah government continues to push its vote-bank agenda. We will fight until this unconstitutional decision is revoked,” he added.