India's Millionaire Growth Matches Switzerland Amid Global Wealth Surge
Quick Look
- A new UBS report reveals global personal wealth grew 10.8% in 2025, with India outpacing many developed markets.
- India's wealth is rooted in real assets with less debt, and it now has as many millionaires as Switzerland, though wealth concentration remains high.
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Why It Matters
A new UBS report highlights a significant 10.8% growth in global personal wealth in 2025, the fastest in over three years, with India emerging as a key growth driver.
Global personal wealth witnessed an extraordinary 10.8% growth in 2025, its fastest growth in at least three years, shows a new UBS report.
While the USA remains the primary millionaire factory, India outpaced many developed markets in growth.
India’s wealth is rooted in real assets rather than financial assets, and owes less debt.
The country also cemented its position as a top-tier hub for millionaires: it now has as many of them as Switzerland.
But growth remains concentrated, with a Gini coefficient of 0.74 putting it among the most unequal nations.
The analysis covered 56 countries that represent over 92% of the world’s wealth.
All mentions of China exclude Hong Kong and Macau. “Wealth” is defined as the value of financial and real assets owned by private individuals, minus their debts.
The conversion to US dollars relies on year-end exchange rates.
Gini coefficient is a measure of how equal the distribution is: the higher it is, the greater the inequality
Open Questions
- What specific factors drove India's wealth growth?
- How will India address wealth inequality?
- What are the long-term implications of real asset-based wealth?
