The global wealth landscape is transforming at a remarkable pace.
India’s journey is perhaps the most compelling. Ten years ago, the number of billionaires in our country was very low compared to global peers.
Today, we have the world’s third-largest billionaire count, outpacing European wealth strongholds that have dominated for centuries.
In this blog, I wanted to explore this fundamental power shift. This shift is about opportunity landscapes shifting. Digital transformation, changing capital flows, and growing capital markets are creating new pathways to significant wealth creation. For ambitious Indians, the message is clear: there’s never been a better time to build substantial wealth in our own backyard.
In this blog I’ll cover –
- What’s causing the boom of the ultra-wealthy in India?
- Sectors that are shaping the next generation of billionaires
- Trends amongst billionaires
Let’s dive in.
The big picture: The boom of the ultra-wealthy
The US and China continue their economic tango at the top. These superpowers have swapped the lead position multiple times, reflecting their ongoing battle for global economic supremacy.
But, post-COVID, we’re witnessing a dramatic reshuffling of the wealth deck. Russia has defied international sanctions to become a surprising wealth creator. Meanwhile, Brazil has shown remarkable resilience by maintaining its position among the elite wealth-generating nations.
Perhaps most telling is Europe’s fading influence. Traditional powerhouses like Germany are sliding down the rankings. In contrast, Asia’s star continues to rise, with Singapore joining the billionaire-makers club.
India’s wealth surge
India has quietly ascended to fourth place globally, now home to 85,698 High Net Worth Individuals (HNWIs).
According to CRISIL’s India Outlook Report, the Indian economy is projected to reach USD 7 trillion by 2031, becoming the third largest economy by 2031. This economic ascent has created a thriving environment for wealth creation – the ultra-rich club is expanding, and its members are becoming wealthier.
In 2024 alone, we witnessed a 4.4% increase in individuals worth over USD 10 million.
Sectors that are shaping the next generation of billionaires
If you look at the 2,800-plus billionaires featured in Forbes’ annual wealth list, you notice that wealth creation is not confined to disruptive new technologies, as we often think.
Manufacturing leads significantly with 509 new billionaires, making it the most prolific industry for creating wealth over the past decade, despite the narratives about its decline.
Technology follows closely with 442 new billionaires, reflecting the role of digital transformation as a major wealth catalyst.
While established industries are still creating more billionaires than emerging sectors, the number of billionaires in other sectors indicates that there are multiple paths to creating substantial wealth.
Knight Frank’s 2025 Wealth Report highlighted how technology shows one of the densest concentrations of billionaires compared to other sectors.
The changing face of Indian wealth
While technology dominates wealth creation in markets like the United States and increasingly China, India’s billionaire landscape has traditionally been anchored in more conventional sectors.
Reliance Industries’ Mukesh Ambani exemplifies this through his diversified interests in petrochemicals, retail, and telecommunications. The Adani Group similarly built wealth through infrastructure, energy, and logistics. Other significant Indian wealth creators have emerged from pharmaceuticals (Sun Pharma’s Dilip Shanghvi), steel (ArcelorMittal’s Lakshmi Mittal), and IT services (HCL’s Shiv Nadar).
However, we are seeing a profound shift in the industries in which billionaires are being created.
Traditional pathways to wealth are being disrupted by technology and new business models. The new generation of Indian billionaires is increasingly emerging from technology-enabled businesses.
The start-up culture has been a big part of the growth story in India and the founders of companies like Zomato, Swiggy, and Nykaa represent this new wave of wealth creation.
Startups: Fueling wealth creation in India
India has emerged as the third largest startup hub in the world with over 4,44,000 startups, out of which 117 have become unicorns. What’s remarkable is the concentration of these unicorns in specific tech sectors—fintech, e-commerce, edtech, and SaaS—creating wealth at previously unimaginable speeds.
Unlike the multi-generational wealth of traditional business families, tech entrepreneurs are achieving billionaire status within a decade.
The wealth creation isn’t limited to founders; early employees with equity stakes are becoming multi-millionaires through successful exits and secondary sales. Bengaluru-based Flipkart’s USD 16 billion acquisition by Walmart alone created over 200 millionaires overnight.
Over 15% of India’s HNIs are under 30, driven by start-up unicorns, IPOs, and tech-driven ventures, while 20% of these millionaires are under 40. This number is expected to rise to 25% by 2030.
According to me, this is just the beginning.
As businesses scale and more companies become unicorns, more billionaires will be created.
Key sectors driving wealth creation in India
As India progresses toward its USD 5 trillion economy goal, a few industries are standing out in their potential to create wealth for stakeholders.
1. FinTech
India’s fintech sector has emerged as the most promising wealth creation engine. Segments such as wealthtech, insurtech, and lending are poised for exponential growth as financial services expand to previously underserved populations.
Digital literacy and the UPI revolution have completely transformed the wealth tech space.. Simultaneously, India’s wealthy population is expanding rapidly which is expanding the total addressable market in the fintech space.
For founders, this translates to billion-dollar fortunes as their companies scale. For CXOs and early employees holding typical equity packages of 1-3%, the wealth creation will be substantial—potentially creating hundreds of new multi-millionaires as these companies reach maturity or exit through acquisitions or public listings.
As per ASK Private Wealth Hurun India Future Unicorn Index 2024, 30 startups in the fintech space are expected to become future unicorns and in turn, produce the next wave of billionaires.
2. SaaS
The Indian SaaS industry is creating unprecedented opportunities for founders and early employees.
The wealth generation potential is already evident. When customer service software maker Freshworks, which was founded in Chennai, got listed on the Nasdaq stock exchange in 2021 it created 500+ millionaires overnight, with founder Girish Mathrubootham’s stake valued at nearly USD 700 million. Similarly, Zoho, still privately held, has made founder Sridhar Vembu a billionaire with an estimated net worth exceeding USD 5 billion.
The sector’s ability to create billionaires stems from its inherently scalable business model with recurring revenue, high margins and global demand, highlighting its potential to create wealth.
As per the ASK Private Wealth Hurun India Future Unicorn Index 2024, 20 future unicorns will be from the SaaS industry. As the industry grows, I have no doubt that it will create many more billionaires in India.
3. E-commerce
The Indian e-commerce industry is projected to reach USD 325 billion by 2030 and the online grocery market is estimated to reach USD 26.93 billion in 2027.
Several structural factors such as – an expanding internet user base, accelerated digital adoption, improved logistics infrastructure and digital payment solutions have removed traditional barriers to online shopping.
Innovation is centred around quick commerce, live shopping, omnichannel retail, and hyperlocal delivery—reshaping fulfilment models and customer experience.
Entrepreneurs are scaling efficiently through tech-led models and strong brand-building, with significant wealth creation through private equity buyouts, strategic acquisitions, and secondary share sales.
The wealth creation in this sector has been remarkable. Flipkart founders Sachin and Binny Bansal became billionaires after Walmart’s USD 16 billion acquisition. Nykaa’s founder Falguni Nayar became India’s wealthiest self-made female billionaire following the company’s IPO. Ananth Narayanan of Mensa Brands and Ghazal Alagh of Mamaearth have built centimillion-dollar fortunes by focusing on specific categories and D2C approaches.
In the ASK Private Wealth Hurun India Future Unicorn Index 2024, the e-commerce sector registered a remarkable count of 15 future Unicorns.
While these are the three fastest-growing wealth engines, multiple paths to significant wealth now exist as I have covered below.
What I find interesting is the trends that are emerging amongst the wealthy. Here are some trends that piqued my interest in particular
Trends among the wealthy: Shifting priorities and investment patterns
The ultra-wealthy are undergoing a significant evolution in how they spend, invest, and approach luxury consumption.
1. Experiences over possessions
The ultra-wealthy are increasingly prioritising experiences rather than material acquisitions.. Luxury brands have recognized this shift, with companies like Gucci opening restaurants, Chanel hosting “Art of Living” events, and Louis Vuitton’s parent company expanding into curated travel experiences—transforming traditional shopping into comprehensive luxury journeys.
Travel dominates the experience wish list for most wealthy individuals.
As per Blume’s Indus Valley Report, India’s top 10% ‘s total remittances increased from USD 1.3 billion in FY15 to USD 31.7 billion in FY24. This means USD 17 billion is travel-related remittances in FY24. This includes all credit card-related spending while abroad as well as travel agents booking holiday packages etc which are classified by banks under LRS.
However, among the highest earners (those making over USD 1 million annually), health and wellness experiences take precedence, reflecting the growing interest in longevity investments.
2. Housing trends and mobility
In a very surprising trend – the ultra-wealthy are leaning towards renting over buying!
In a survey in the Knight Frank Wealth Report 2025, while 70% of wealthy respondents own property, renting has gained popularity, particularly among those earning between USD 500,000 and USD 1 million annually.
This cohort, often internationally mobile professionals, finds themselves in a unique position—too nomadic to commit to permanent residences yet not wealthy enough to maintain multiple global properties. I have noticed this trend in India too, with the ultra-wealthy choosing to spend a few months in India and live in other countries for want of better lifestyles, global access and even tax benefits.
3. Consumption patterns
Consumption amongst the wealthy too, has seen a significant boom. As per Blume’s Indus Valley Report, urban India’s top 10% spends 13x of the average per capita spend on durables.
The wealthy are not just spending more, they are also looking for more premium and personalised experiences and services.
I read an interesting data point – The ultra-wealthy indicate that they only require personal interaction for purchases between USD 10,000 and USD 50,000. Luxury items like Rolex watches or designer handbags are commonly bought online without hesitation. This is a true depiction of how the wealthy too have become extremely comfortable with digital transactions.
These trends collectively paint a picture of an evolving wealthy consumer —increasingly experience-focused, digitally comfortable, adapting to a rapidly changing global luxury landscape.
4. Investment preferences: the classic trio dominates
While the evolving investment patterns of the wealthy and ultra-wealthy deserve an entire newsletter edition, I wanted to briefly touch upon a few observations on how the wealthy are investing their wealth.
Despite the attention given to alternative investments like private equity, venture capital, and collectable art, the wealthy still predominantly favour traditional investment vehicles. Stocks, real estate and cash remain the most popular investment choices across all income levels.
There has been a significant transition from physical assets to financial assets. The wealthy are recognising the merits of mutual funds, PMS and AIFs in their overall asset allocation.
When it comes to real estate, the share of high-end and ultra-luxury housing sales has doubled in the last 5 years. In 2024, India’s ultra-luxury real estate market saw a surge, with 59 homes priced at over INR 40 crores sold across top cities, totalling INR 4,754 crores, a 17% increase in value compared to 2023. The ultra-wealthy are also investing in real estate outside India.
Conclusion: The era of accessible wealth creation
India’s wealth creation story is no longer limited to traditional business families or conventional sectors. The democratisation of entrepreneurship and capital means you don’t need generational wealth to build significant net worth. The startup ecosystem, equity compensation in high-growth companies, and India’s digital transformation offer multiple pathways to join the HNWI ranks within a decade rather than a lifetime.
The next chapter of India’s wealth story belongs to those who recognise that the environment, market and consumer have changed and build products and services to cater to this new reality.
The last decade belonged to the pioneers; the next decade belongs to those who take action.
Join over 300,000 wealth creators who receive our weekly finance, business, and wealth creation insights. Subscribe to the Create Wealth newsletter here – https://bit.ly/dezerv_newsletter
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. The information provided herein is intended solely for educational purposes and should not be construed as solicitation, advertising, or providing any advice. All opinions, figures, estimates, and data are as of the date of this material. In this material, Dezerv has utilized information developed in-house, publicly available information, and other data deemed to be reliable. While reasonable care has been taken to ensure the accuracy of the information, Dezerv does not warrant or guarantee its completeness or correctness. Accordingly, Dezerv, along with its directors, employees, or partners, shall not be held liable for any loss, damage, or liability arising from the use of this material.
Any references to names of fund houses, investment securities, or asset classes are for illustrative purposes only. Additionally, all trademarks, logos, and brand names mentioned are the property of their respective owners and are used for identification purposes only. The use of these names, trademarks, and logos does not imply endorsement or recommendation.