New Delhi, Sept. 29 -- India now has 1,687 individuals with a net worth of Rs.1,000 crore or more, according to the M3M Hurun India Rich List 2025. Two-thirds of them, or 1,115 people, are self-made, up from 1,008 the previous year. Reinforcing this shift, 74% of new entrants are first-generation entrepreneurs. Below this threshold, many more Indian founders are crossing into high-net-worth individual (HNI) status through IPOs and secondary stake sales.

In our work with first-generation wealth creators, we frequently encounter a similar pattern. Net worth is concentrated largely in one operating business, along with a sizeable listed stake, some real estate, a few private investments made on instinct, and, increasingly, assets abroad. As...