Recent data paints a compelling picture of this evolution. As of January 2025, women constitute over 40% of UDYAM-registered MSMEs, showcasing their growing entrepreneurial spirit. This entrepreneurial drive is further evidenced by a recent study of over 3,000 women business owners which found that 70% start their ventures driven by self-motivation and aspiration rather than financial necessity, with 66% citing career experience, ambition, or financial independence as their primary motivations. The number of women seeking credit has grown approximately threefold between 2019 and 2024, reflecting the significant increase of female entrepreneurs in India's wealth and startup ecosystem. This surge in credit-seeking behavior directly correlates with the entrepreneurial ambitions of women who are increasingly establishing and scaling their businesses.
The rise of women's participation in India's wealth landscape can be attributed to several interconnected factors. The Self-Empowerment Hypothesis, originating in Western academic discourse, suggests that as women gain access to material resources through expanded literacy, financial autonomy via increased labor force participation, and greater information availability, they naturally enhance their entrepreneurial capabilities and wealth creation potential. This theory is evident in India's context, where female labour force participation has risen significantly from 23.3% in 2017-18 to 41.7% in 2023-24. Secondly, the proliferation of women's entrepreneurial success stories in Indian media has created powerful role models, inspiring others to solve problems and become successful leaders. Finally, the changing investment behaviour among women reveals their growing financial sophistication, with women showing greater patience and discipline in wealth creation compared to their male counterparts.
The rise of women High Net Worth Individuals (HNWIs) is particularly noteworthy. According to Knight Frank’s Wealth Report 2025, the number of Indian HNWIs, those with assets exceeding USD 10 million, rose by 6% in 2024 to 85,698. This figure is projected to reach 93,735 by 2025, underscoring India’s expanding wealth landscape.
Women are not just participating in wealth creation; they are leading it. The Forbes Real-Time Billionaires ranking as of January 2025 lists several prominent women among India’s wealthiest. These women are at the helm of diverse sectors, including steel, retail, pharmaceutical and technology, demonstrating the breadth of their influence across industries. This rise in women’s wealth is accompanies by a growing interest in diverse investment options. A survey of HNI Indian women revealed that 95% show interest in investing across various asset classes. ; listed equities lead at 61.9%, followed by gold at 54.3% and real estate at 41%. Interestingly, alternative investments are as favoured as fixed income at 35%, indicating a sophisticated approach to wealth management.
However, challenges persist. Despite the progress, women HNWIs still represent a modest proportion compared to their male counterparts. Societal and systemic hurdles continue to impact women’s journey towards financial autonomy. The wealth management industry must recognise and address these unique challenges to better serve this growing demographic.
The future looks promising. The UHNW count in India is expected to rise from 13,263 in 2023 to 19,908 by 2028, growing at a CAGR of approximately 10%. This growth is driven by factors such as India's robust GDP expansion, entrepreneurial spirit, and increasing financial literacy among women. This presents a significant opportunity for wealth management firms like Client Associates. Women investors often have distinct needs, risk profiles, and investment goals. They show a strong desire to learn and engage with diverse investment options.
As we look ahead, it’s clear that women will play an increasingly crucial role in India’s wealth creation story. Their rising economic power, coupled with a growing interest in sophisticated investment strategies, signals a new era in wealth management. Understanding and catering to the needs of women HNWIs will be key to success in this evolving landscape.
The rise of women HNWIs in India is not just about numbers; it's about a fundamental shift in the country's economic power dynamics. As more women take control of their financial destinies, they are not only creating personal wealth but also contributing significantly to India's economic growth. This trend is set to continue, making women a force to be reckoned with in the world of wealth creation and management.