India tops China on new millionaires, keeps money the old way

India added over 31,000 new dollar millionaires in 2025, significantly outpacing China. Indian wealthy individuals hold most assets in real estate and gold, unlike Western economies. This preference for tangible assets contrasts with a greater financialization seen elsewhere. While wealth is growing, it remains concentrated in a few major cities.

By ARGHYA PRASUN ROYCHOWDHURY