Ghulam Nabi Azad set to float new political party in Jammu and Kashmir?

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.

Bengaluru: Actor Ranya Rao, stepdaughter of a senior IPS officer, was just moments away from clearing airport security at Bengaluru’s Kempegowda International Airport when the Directorate of Revenue Intelligence (DRI) swooped in. What followed was a dramatic bust—gold bars worth ₹12 crore, allegedly being smuggled, were recovered from her and her accomplices.

The 33-year-old actress, who debuted in the 2014 Kannada film Maanikya, had landed in Bengaluru on Monday aboard an Emirates flight from Dubai. According to officials, she was accompanied by two individuals carrying the smuggled gold in briefcases. They had nearly cleared security and were about to exit when DRI officers, acting on specific intelligence, intercepted them and launched a search.

Gold Concealed on Person

A thorough examination led to the discovery of 14.2 kg of gold ingeniously hidden on her person. "The contraband, valued at ₹12.56 crore, was seized under the provisions of the Customs Act, 1962," the DRI stated.

More Gold, Cash Found at Her Home

The investigation didn’t stop at the airport. Authorities then searched Ranya Rao’s residence on Lavelle Road, Bengaluru, where she lives with her husband. There, they uncovered additional gold jewelry worth ₹2.06 crore and Indian currency amounting to ₹2.67 crore, bringing the total seizure in the case to ₹17.29 crore.

"The lady passenger has been placed under arrest under the relevant provisions of the Customs Act, 1962, and remanded to judicial custody. This marks a significant blow to organized gold smuggling networks," the DRI statement added.

Frequent Gulf Trips Raised Suspicion

According to reports, Ranya Rao had been making frequent, short trips to Gulf countries, which eventually put her under the DRI’s radar.

Ranya is the stepdaughter of a senior IPS officer. Her stepfather remarried after his first wife’s death, and Ranya is one of two daughters from her mother’s previous marriage.

With a 14.2 kg gold seizure, this is one of the biggest smuggling busts at Bengaluru airport in recent times, reinforcing the DRI’s crackdown on illicit gold trade.

In a sharp retort to US President Donald Trump's reciprocal tariffs charge, the Chinese embassy in the US said Beijing is ready to "fight till the end" in any type of war the US wants. "If war is what the US wants, be it a tariff war, a trade war or any other type of war, we're ready to fight till the end," the Chinese embassy's official handle posted on X after Trump's explosive remarks in a joint session at Congress.

Trump said other countries have used tariffs against the US for decades. "Now it's our turn to start using them against those other countries. On average, the European Union, China, Brazil, India, Mexico and Canada. Have you heard of them? And countless other nations charge us tremendously higher tariffs than we charge them. It's very unfair. India charges us auto tariffs higher than 100%. China's average tariff on our products is twice what we charge them. And South Korea's average tariff is four times higher," he said.

"This is happening by friend and foe. This system is not fair to the United States and never was... That's reciprocal back and forth. Whatever they tax us, we will tax them," he said.

Trump has increased previously imposed 10 per cent levies on Chinese goods to 20 per cent. China has filed a complaint with the World Trade Organization against the US.

"The United States' unilateral tax measures seriously violate WTO rules and undermine the foundation of China-US economic and trade cooperation," Beijing's commerce ministry said in a statement.

While imposing the tariffs, Trump accused China of not doing enough to halt the trafficking of fentanyl and other highly potent opioids into the US.

The Chinese Foreign Ministry has contested this. "The fentanyl issue is a flimsy excuse to raise US tariffs on Chinese imports. The US, not anyone else, is responsible for the #FentanylCrisis inside the US. In the spirit of humanity and goodwill towards the American people, we have taken robust steps to assist the US in dealing with the issue. Instead of recognizing our efforts, the US has sought to smear and shift blame to China, and is seeking to pressure and blackmail China with tariff hikes," it said in a statement.

"They've been PUNISHING us for helping them. This is not going to solve the US's problem and will undermine our counternarcotics dialogue and cooperation. Intimidation does not scare us. Bullying does not work on us. Pressuring, coercion or threats are not the right way of dealing with China. Anyone using maximum pressure on China is picking the wrong guy and miscalculating. If the US truly wants to solve the fentanyl issue, then the right thing to do is to consult with China by treating each other as equals," it added.