India’s household net assets grew 14.5% in 2024, marking the fastest rise in eight years. The growth ranks India among the globe’s rapidly expanding wealth economies and highlights the financial clout of its middle class.
Citizens are actively investing in multiple asset classes, amplifying the country’s economic reach.
Securities Investments: A substantial 28.7% growth, reflecting a shift towards more dynamic financial assets.
Insurance and Pensions: A 19.7% increase, forming a significant portion of household portfolios.
Bank Deposits: Although still the dominant asset class at 54% of total holdings, deposits rose steadily by 8.7%.
In real terms, after adjusting for inflation, financial assets rose 9.4%, boosting purchasing power to 40% above pre-pandemic levels.
This contrasts sharply with Western Europe, where purchasing power remains 2.4% below its 2019 level.
Net wealth per individual reached USD 2,818 in 2024, up 15.6% from 2023. Household liabilities rose 12.1%, keeping debt at 41% of GDP.
While India posted notable gains, the US dominated with half of the global financial asset growth in 2024.
Over the past decade, American households produced 47% of worldwide wealth, China 20% and Western Europe 12%.
Net wealth per individual reached USD 2,818 in 2024, up 15.6% from 2023. Household liabilities increased 12.1%, keeping overall debt at 41% of GDP.
By 2024, the richest 10% in India controlled 65% of household assets, compared to 58% two decades back.
The average-to-median wealth ratio climbed from 2.6 to 3, signalling rising economic gaps. Per capita net financial assets have also increased thirteenfold since 2004, exceeding China’s twelvefold growth.
Continued growth of the middle class, alongside better financial education, is expected to fuel ongoing household wealth growth.
Replacing traditional savings with investments in securities and pensions will fortify and diversify India’s financial structure.
Mitigating inequality and supporting inclusive asset-building remain essential for balanced economic development.
The wealth of Indian households has climbed to unprecedented heights, powered by greater engagement of the middle class in financial markets.
Furthermore, to maintain enduring stability, prioritising inclusive financial practices remains vital.
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