Over 15% of India's high-net-worth individuals (HNIs) are under the age of 30, and about 20% of the Indian millionaires are below 40, a recent study by ANAROCK Property Consultants shows.

The study report that highlights significant trends among India's HNIs and ultra-high-net-worth individuals (UHNIs) in 2024 also states the number of young rich below the 30-age group is expected to rise to 25% by 2030.

India's UHNI population experienced a 6% growth in 2024, reaching 13,600 individuals, positioning the country as the sixth-largest UHNI market globally and the third largest in Asia, behind China and Japan. In comparison, Knight Frank's Wealth Report 2024 notes that India has been outpacing global averages in UHNI growth over the last decade, driven by a steady rise in wealth creation across industries.

According to the Anarock report, the rise in wealth among Indian youth is powered by startup unicorns, IPO's, fintech, and other technology-based businesses. 

"A dynamic mix of young entrepreneurs, tech pioneers, and seasoned industrialists driving the expansion of the affluent population," said Prashant Thakur, regional director and head of research at Anarock Property Consultants.

Prashant Thakur added that the 'Make-in-India' initiative has also helped in industrial wealth, contributing 21% to the UHNI economy.

Real estate remains the primary option of wealth allocation for Indian HNIs and UHNIs, with 32% of their wealth invested in this sector. This is significantly higher compared to the global average of approximately 25% reported by Knight Frank.

Luxury housing sales in India have grown from 16% of total residential sales pre-pandemic to 28% in 2024, emphasising the increasing demand for premium properties among the affluent, the Anarock report said.

High-end properties in Mumbai, Delhi, and Bengaluru are top choices with the new ultra-rich young Indians. Goa, Alibaug, and Jaipur were the preferred second-home destinations for the HNIs.

International property investments by Indian UHNIs also saw strong growth in the year, with Dubai, London, and Singapore being the top picks. The average international property investments by the HNIs exceeded ₹12 crore in 2024.

In terms of investment diversification, 20% of HNIs and UHNIs have invested in private equity and startups focusing on AI, blockchain, and cleantech. Interestingly, despite regulatory uncertainties, 8% of UHNIs have invested in cryptocurrencies, the study shows. Moreover, nearly 25% of Indian UHNIs have reportedly invested in assets in North America and Europe.

"India's high- and ultra-high-net-worth individuals are not just symbols of wealth but also catalysts for economic transformation. From driving the luxury market to fuelling philanthropic ventures and innovative investments, they embody the aspirations of a nation on the rise," said Dr. Prashant Thakur, according to a Business Standard report.

Spending patterns among UHNIs reveal a preference for luxury and wellness. Over 37% purchased high-end vehicles in 2024, contributing to record sales for luxury automotive brands such as Lamborghini, Porsche, and Rolls Royce.

UHNIs spent 6 crores annually on leisure activities, including bespoke international vacations, luxury cruises, and curated experiences, indicating the preference for wellness and luxury. High-net-worth families are increasingly choosing preventive healthcare and upscale wellness retreats, and there is a growing investment in wellness-focused real estate, personalised healthcare, and anti-aging solutions, the study found.

The Indian HNIs have also focused on philanthropy, donating over ₹60,000 crore in 2024, primarily supporting education, healthcare, and sustainability initiatives.

The report also notes that about 10% of UHNIs opted for alternate citizenships in 2024, preferring countries such as Portugal, Malta, and the UAE for their global mobility and tax benefits. These findings reflect the dynamic nature of wealth generation and allocation among India's affluent individuals.