NEW DELHI: India’s household financial assets grew by 14.5 percent in 2024, the fastest pace in eight years, according to the Allianz Global Wealth Report 2025. The report, covering nearly 60 countries, highlights India’s rising middle class as a key driver of this expansion.
Securities led the surge with 28.7 percent growth, followed by insurance and pensions at 19.7 percent. Bank deposits, which still account for 54 percent of household savings, increased by 8.7 percent. Adjusted for inflation, household financial assets rose 9.4 percent, lifting purchasing power 40 percent above pre-pandemic levels. Net financial assets per capita reached USD 2,818 in 2024, up 15.6 percent from the previous year.
The report noted that India’s wealth growth outpaced most emerging economies. Over the past two decades, real per capita financial assets increased fivefold, while overall wealth per capita grew 13 times, surpassing China’s twelvefold rise. Household debt remained moderate at 41 percent of GDP.
However, inequality has widened. The richest 10 percent of Indians now hold 65 percent of household wealth, compared to 58 percent in 2004. Despite this, India continues to reshape global wealth dynamics, supported by financial literacy and growing investment in securities.
Globally, household wealth grew 8.7 percent in 2024 to USD 315.9 trillion, with US households contributing half of that increase.
