India’s Household Wealth Surges 14.5% In 2024, Among Fastest Globally: Report

India’s household wealth reached record highs in 2024, one of the highest in the world. India’s gross financial assets grew at 14.5 per cent in 2024, outpacing the global average of 8.7 per cent, according

to Allianz Global Wealth Report 2025.

According to the report, Indians on average, held Rs 3.1 lakh in financial assets per person in 2024, reflecting a fivefold increase in real per capita financial assets over the past 20 years, among the fastest globally. However, this is still far below advanced economies.

Despite the growth in the average household income, particularly in the middle class, there’s a palpable concentration of wealth in the high echelons. The richest 10% own almost 85% of total wealth, making the concentration highly skewed. The same pattern of wealth concentration can be witnessed in India too.

2024 Remains Solid Year Across Globe

2024 saw another year of solid growth for the global economy – and another bumper year for financial assets of private households, which rose by +8.7%, surpassing the strong growth of the previous year (+8.0%), the report said. By the end of 2024, total financial assets had reached a new absolute record of EUR269trn, though at 283% relative to economic activity, this is only at the same level as in 2017 as inflation has “artificially” inflated the denominator.

Along with the growing wealth, there’s a shift seen in the mentality of Indians from traditional savings-driven households to more credit-dependent growth. In-line credit demand for personal luxuries has risen in the past few years.

India’s Household Debt-Level Also Increase

India’s household debt level also rose in the same duration. Household liabilities in India grew 12.1 per cent in 2024, faster than the global average of 3.1%. As a sign of warning, private debt as a share of GDP has been climbing continuously in the past few years, even though India’s ratio (around 40%) remains lower than many Asian peers (Vietnam 54%, South Korea 103%).

Only China has seen the phenomenal growth ahead of India in the past 20 years.  In fact, the purchasing power of average per capita financial assets has increased almost tenfold in China in just 20 years.