India’s Household Wealth Jumps 14.5% in 2024, Fastest Rise in Eight Years: Report

New Delhi —India ranked among the world’s quickest-growing wealth markets in 2024, with household financial assets expanding 14.5 per cent year-on-year—the strongest increase in eight years—according to the Allianz Global Wealth Report 2025.

The report highlights the rising economic clout of India’s middle class. Over the past two decades, the country’s real per-capita financial assets have quintupled, placing India among the most dynamic emerging economies.

Key growth drivers included a 28.7 per cent surge in securities and a 19.7 per cent jump in insurance and pension holdings. Bank deposits, which still make up 54 per cent of household portfolios, grew 8.7 per cent. Adjusted for inflation, total financial assets advanced 9.4 per cent, lifting purchasing power to 40 per cent above pre-pandemic levels. By contrast, Western Europe’s purchasing power remains 2.4 per cent below its 2019 mark.

Average net financial assets per Indian reached $2,818 in 2024, a 15.6 per cent rise from the previous year. Household liabilities increased at a moderate 12.1 per cent, keeping overall debt at roughly 41 per cent of GDP.

Globally, inequality has remained stubborn: the wealthiest 10 per cent continue to hold about 60 per cent of household wealth. In India, that share climbed to 65 per cent in 2024 from 58 per cent in 2004.

The report also notes that, over the last decade, U.S. households generated 47 per cent of global wealth growth, compared with China’s 20 per cent and Western Europe’s 12 per cent. Securities worldwide grew nearly 12 per cent in 2024—about twice the rate of bank deposits and insurance/pension assets. Portfolio allocations remain diverse: North Americans keep 59 per cent of their wealth in securities, Western Europeans 35 per cent, and Indians just 13 per cent.

— With inputs from IANS