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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.

The Indian government is developing a 'Universal Pension Scheme' to provide pension benefits to all citizens, including those in the unorganised sector, according to sources. 

Key Features of the Proposed Scheme:

Inclusivity: Targets unorganised sector workers—such as construction workers, domestic staff, and gig workers—who currently lack access to large government-run savings schemes. 

Voluntary Participation: Open to all citizens aged 18 and above, including salaried employees and the self-employed. Participation is voluntary, with no mandatory government contributions. 

Streamlined Framework: Aims to consolidate existing pension and savings schemes, offering a unified and secure option for all citizens.

Complementary to Existing Schemes: Will not replace the National Pension System (NPS) but will serve as an additional option. 

Current Pension Schemes:

Atal Pension Yojana (APY): Provides a monthly pension of ₹1,000 to ₹5,000 after the investor turns 60, requiring regular contributions. 

Pradhan Mantri Shram Yogi Maandhan (PM-SYM): Benefits unorganised sector workers like street vendors and domestic workers, offering a monthly pension of ₹3,000 post-retirement.

Pradhan Mantri Kisan Maandhan Yojana: Designed for farmers, providing ₹3,000 monthly after the investor reaches 60 years of age.

The government plans to initiate stakeholder consultations once the proposal document is finalized.

This initiative reflects the government's commitment to enhancing social security and ensuring financial stability for all citizens in their retirement years.

Thiruvananthapuram: The Kerala assembly on Monday witnessed heated argument between Chief Minister Pinarayi Vijayan and the opposition Congress-led United Democratic Front over the increasing violence involving youths as well as the drug menace.

The chief minister blamed it on films that celebrate violence, competitiveness among youngsters and lapses in parenting as key reasons for the increasing violent tendency among the youngsters. He also stressed the need to carry out awareness campaigns and said that there would not be any compromise in enforcement.

Congress gave a notice for adjournment motion in the house in the wake of the back to back incidents of violence involving students, the latest being the death of a tenth standard student at Kozhikode the other day following an attack by five other students. Considering the gravity of the scenario, the government allowed a discussion on the matter.

The Chief Minister was agitated over Congress leader Ramesh Chennithala, who presented the notice for the motion, accusing the government of failing to curb the drug menace and also alleged of links of CPM's student outfits Students' Federation of India in brutal violence at campuses. Vijayan was also irked as Chennithala pin pointed the attack on him by repeatedly using 'Mr. chief minister'.

Vijayan said that the increasing criminal tendency among children was a global issue. "As the world becomes very competitive right from studies to jobs, the younger generations are becoming more restless. The competitiveness, which seems to be an outcome of globalization, was also causing enmity in young minds. With parents failing to spend adequate time with children, the children and getting addicted to digital devices," said Vijayan.

He also said that there were police reports that children were even getting attracted to goonda gangs after being influenced by films that celebrate violence. The sensor board needs to look into the matter. Web series and social media were also badly influencing children.

Listing out the number of drug peddling cases nabbed by the police and excise departments in the recent years, Vijayan said that there was no lapse in enforcement.

Opposition leader V D Satheesan extended the opposition's support to the government in fighting the menace.