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India adds 31,000 new millionaires in 2025, outpacing China

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India created over 31,000 new dollar millionaires in 2025, surpassing China in the growth of wealthy individuals. Unlike their counterparts in Western economies, affluent Indians tend to hold the majority of their assets in real estate and gold rather than financial instruments. This strong preference for tangible assets sets India apart from global trends toward greater financialization of wealth. Despite the rapid rise in millionaires, wealth creation remains largely concentrated in a handful of major cities across the country.

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India adds 31,000 new millionaires in 2025, outpacing China · ShortSingh